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.

Lanka govt rejects reports on President Sirisena's assassination plot
Media Minister, Mangala Samaraweera slammed it as a "disinformation campaign", urging reporters to be responsible. He has reportedly sought a week's time to sort out the issue since he would be meeting PM Modi soon.

"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.

Related News:

  • UK PM seeking to extend Brexit transition period

    UK PM seeking to extend Brexit transition period

    Conservative MPs are threatening to torpedo her plans . "I'm happy with it if it facilitates a deal and solution to the backstop". The idea of a one-year extension to the transition period had been proposed by EU Brexit negotiator Michel Barnier .
    Some Manchester United players upset over criticism by former stars

    Some Manchester United players upset over criticism by former stars

    Manchester United will travel to Stamford Bridge to take on Chelsea on Saturday in their next Premier League clash. I thought he was brilliant, but that Jose has gone.
    Manchester United players 'mock club legends with videos'

    Manchester United players 'mock club legends with videos'

    In his latest Super 6 Class of '92 Diary, Ryan Giggs discusses why Chelsea shouldn't take Manchester United lightly on Saturday. I've been there, being put out wide, and you hate it. "I've had loads of bad games, but never on objective ".
  • Liverpool boost as Salah and Van Dijk join training

    Liverpool boost as Salah and Van Dijk join training

    Liverpool will be without key midfielder Naby Keita for at least a fortnight after he picked up a hamstring strain on global duty. The club released photos of Van Dijk, Salah and Milner taking part in Thursday's session , indicating they are on the right path.
    Murdered Journalist in Saudi Consulate? - Time to Examine US Relations

    Murdered Journalist in Saudi Consulate? - Time to Examine US Relations

    Erdogan also said police officers were examining CCTV footage of entrances and exits at the consulate and Istanbul airport. Last year, Khashoggi left Saudi Arabia in fear of retribution, and he's been living in self-imposed exile in the U.S.
    Huawei launches Mate 20 Pro with supersize 2K+ OLED screen

    Huawei launches Mate 20 Pro with supersize 2K+ OLED screen

    Given its large screen, the Mate 20 X cries out for a stylus, and that's exactly what Huawei has given it with the Huawei M-Pen. The dual SIM Mate 20 Pro runs Android 9 Pie-based EMUI 9 and supports dual band Global Positioning System and dual VoLTE.
  • Pelicans crush Rockets in season opener, 131-112

    This is Mirotic's first full season with New Orleans, as the Pelicans acquired him in a trade last February. We obviously have some things to work on, we've got to get our legs and then go after it".

    Scientists Warn Extinction Now Outpaces Evolution

    The scientists responsible for the study hope that their work will spur more environmental protection for large animals. And, it would take 3 to 5 million years to reach the levels they're at now, even if humans cease destructive practices.
    Lakers coach Walton will monitor LeBron's minutes, plans to use deep rotation

    Lakers coach Walton will monitor LeBron's minutes, plans to use deep rotation

    After years of rebuilding it's finally winning time again but don't expect everything to be seamless right out of the gate. I thought about it, and was like, damn. "I think there's still going to be some more trades that happen".
  • United States  says it will stop Canadian pot businessmen at border

    United States says it will stop Canadian pot businessmen at border

    There are varying opinions as to whether Canada's legalization will positively or negatively affect public opinion in the U.S. This is the case even though LAX recently announced that passengers are permitted to travel with small amounts of marijuana.
    IMF chief postpones Middle East trip - Economy

    IMF chief postpones Middle East trip - Economy

    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.
    Russians to 'Go to Heaven' in a Nuclear Attack, Putin Says

    Russians to 'Go to Heaven' in a Nuclear Attack, Putin Says

    The Islamist terrorists have already murdered a number of hostages, and have warned of daily executions to come, the Russian President said.


Most liked

Trump blasts critics for Saudi Arabia connections
That could, like Trump's comments, seek to give the kingdom a way out of the global firestorm of criticism over Khashoggi's fate. In a separate statement issued on the same day, Nauert said Pompeo had also met with his Saudi counterpart Adel al-Jubeir.

Meghan Markle gets a fright in Melbourne on royal tour of Australia
Yesterday, Melbourne was taken over by Royal fever as the Duke & Duchess of Sussex touched down for a whirlwind tour of the city. Cue puff of smoke and - much to Harry's amusement - a giggly yelp not unlike Julia Roberts's jewelry box moment in Pretty Woman .

Mobile confirms iPhone XR pricing ahead of pre-orders
Just a month ago Apple announced its three phone lineup of 2018 iPhones and we are already hearing rumors regarding 2019 iPhones. The only difference is how the phones zoom.The iPhone XR lacks a telephoto lens, so it can only achieve 3x digital zoom.

Eddie Jones Names 36-Man England Squad For Autumn Internationals
The players feel the support and we can't wait to get out there and play in front of 82,000 against South Africa'. Jones also announced flyhalf Owen Farrell and hooker Dylan Hartley as co-captains of the side.

Meghan Markle Wears Bump-Hugging Dress on Royal Tour
But, being the professional she is, she added she's doing "pretty well so far". She was still sobbing when she spoke to Channel Nine after the moment.

EBay sues Amazon over alleged poaching of sellers
Amazon declined to comment on the case, which follows a letter from eBay demanding an end to the activity . Ebay says it wants to stop Amazon misusing its messaging platform and to pay it an unspecified sum.

Israel's Supreme Court overturns deportation of US student
When she was barred entry at Ben Gurion airport, Ms Alqasem chose to stay and overturn the decision through legal appeals. Alqasem's attorneys lauded the high court's ruling as a victory for free speech and academic freedom.

Vegas Play of the Day: Astros vs. Red Sox
Aside from Alex Bregman and George Springer , Houston hasn't as much clutch hitting as they would like. Bregman lined the first pitch he saw into leftfield, where Benintendi made a decision to dive.

All That Remains guitarist Oli Herbert dead at 44
The guitarist's widow, Beth Herbert, posted to his official Facebook page , "Thank you all for the kind thoughts and words". Fans flooded the band's Instagram post regarding Herbert's death and posted notes wishing the All That Remains members well.

Palestine's UN ambassador hails UNGA vote as 'political victory'
Twenty-nine countries did not vote. "The Palestinians are not a UN Member State or any state at all". The G-77 has recognized Palestine as a member since 1976.

Brexit Transition Extension 'Probably Will Happen' Says EU Commission President
Asked about the plan, a British official said there were no plans to propose a change to the transition. German Chancellor Angela Merkel described finding a solution as "squaring the circle".

San Jose Diocese releases names of priests accused of abuse
The subpoenas follow a state grand jury report in August that detailed hundreds of allegations of child sex abuse in the church. Only two priests were charged as a result of the grand jury investigation because the statute of limitations had passed.

OnePlus 6T to feature Night mode for low light, price list leaked
This Oxygen OS will be based on the latest Android 9 Pie , making OnePlus 6T one of 6 or 7 phones that run on the latest Android. As expected, the OnePlus 6T will be priced tad higher than the OnePlus 6 , but this time around, there are some surprises.

Will the new National Basketball Association G-League rules kill LaVar Ball's JBA?
Players will be eligible to sign the select deal if they turn 18 by September 15 prior to the season that they would spend in the G League.

Meghan Markle wears handmade pasta necklace on Australia tour
Harry and Meghan were inundated with gifts, including many presents for the baby who is due in the northern Spring. India Brown, 19, broke down when Prince Harry gave her a hug.