Tesla: Tesla secures land in Shanghai for its first factory outside USA

A Tesla logo is seen in Los Angeles

In a statement from July to Electrek, when Tesla signed a preliminary agreement with the Shanghai government, the company stated it hopes to begin production within two years of gaining all the necessary construction permits and approvals.

Washington imposed penalty tariffs on Chinese goods and Beijing retaliated by raising duties on imports of American products including electric cars.

The electric-car maker spent $140 million on the Shanghai site, marking a key step toward the firm making cars locally in China for the fast-growing market.

In its recent Q3 financial filing, Tesla lamented ongoing "trade tensions" that have resulted in an import tariff rate of 40 percent on Tesla vehicles versus 15 percent for other imported cars.

Shanghai is a centre of China's motor industry and home to state-owned Shanghai Automotive Industries, the main local manufacturer for GM and VW.

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In response to this, the king of Saudi Arabia Mohammed bin Salman has recommended the American leader not to meddle in this case. Lagarde had said last week that she still meant to attend the summit, which opens later this month.

"Tesla is now operating at a 55 percent to 60 percent cost disadvantage compared to the exact same auto locally produced in China", Tesla said in its quarterly report. However, Tesla has said that it will take 2-3 years to construct it, and another 2-3 years to get it running at full potential.

Tesla's 5 billion dollar (£3.8 billion) Nevada battery factory was financed with help from a 1.6 billion dollar (£1.2 billion) investment by battery maker Panasonic.

Analysts expect Tesla to report a loss of about $200 million for the three months ending September 30 after the previous quarter's $742.7 million loss. Much of the cost will be funded with "local debt" the letter said.

Beijing wants to become the world leader in new-energy vehicles, with technologies that meet the highest worldwide standards, by 2025.

The California-based company was among the few Western automakers to stall its arrival in China until the country relaxed its foreign ownership requirements.

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