January 23, 2019

Tesla Registers New Business In China

17 May 2018, 06:22 | Joann Bryant

Tesla sets up unit in China – a step closer to EV production

Tesla Sets up Shanghai Division Ahead of Factory Announcement

The South China Morning Post in February reported that Tesla had threatened to shift its presence away from Hong Kong after the government briefly eliminated incentive programs that reduced the effective sale price of electric vehicles.

Tesla appears one step closer to announcing a new factory in China. Ltd., which is listed as the sole shareholder of the new Shanghai-flagged corporation.

China has said it will scrap limits on foreign ownership of new energy vehicle (NEV) ventures this year and all automotive ventures by 2022.

Apparently contradicting the speculation in U.S. media reports, however, Chinese news outlet Sina claims Tesla's Shanghai entity is focused on import/export and technology development instead of auto manufacturing.

"Tesla's new company in Shanghai is a clear message that it will definitely land in the Chinese market for local production", said Davis Zhang, a senior executive at Suzhou Hazardtex, a fork-lift manufacturer.

Tesla also has other wholly-owned companies registered in China, however, these focus on sales as well as research and development.

"We don't have anything new to add on this registration for now", a Tesla spokeswoman told Reuters on Monday.

Currently, China restricts foreign auto firms to a maximum 50 percent ownership of joint ventures with local companies.

Tesla now imports all the cars it sells in China from the United States. Now, Tesla has announced that it would unveil the location of its own Gigafactory in China.

Beijing has set an ambitious target, whereby new-energy vehicles will account for a fifth of total sales by 2025. The company's sales grew by more than 90% from previous year in China.

Last year, 777,000 electric and plug-in hybrid cars were sold on the mainland, up 53 per cent from 2016.

Other News

Trending Now

Kent State graduate's gun-toting photo goes viral
Bennett's post was retweeted almost 3,000 times, liked more than 12,000 times, and had 1,600 comments as of Wednesday afternoon. A campus officer was with the group as well, as Bennett had notified the university of her intent to photograph with the rifle.

Only Hours Left For Voters To Cast Their Primary Ballots
The group said it received some reports of voters receiving incorrect ballots and having their registration unexpectedly changed. Votes are due no later than 8 p.m. and voters can submit their ballots to any designated drop site or local elections office.

'Replace EVMs with paper ballot'
A total of 2,654 candidates, including 216 women candidates were in the fray for the Assembly Elections this year. Mr Thackeray said in a press conference here that BJP is losing in by-elections and winning in elections.

2nd District is focus as Nebraska residents vote in primary
Ashford had been the first Democrat in two decades to win the district, which encompasses much of the Omaha metro area. Evnen has pitched himself as a conservative who supports voter identification laws, which lawmakers have not passed.

Mumbai Indians vs Kings XI Punjab live cricket streaming on Hotstar
In the previous game, Punjab's team had bowled out on just 88 runs in front of Virat Kohli Led Royal Challengers Bangalore . Punjab's batting mostly relies on openers Rahul and Gayle as the duo have accumulated 558 and 350 runs respectively.

Siblings clash at the box office
So basically, now it is a clash between siblings, Harshvardhan Kapoor will clash with his elder sister Sonam Kapoor. The clash could mean a lot of damage in terms of distribution and box office collection for both parties.

Deutsche Reconfirms Lonmin (LON:LMI)'s stock rating to "Hold".
Dixon Hubard Feinour & Brown Inc Va holds 0.06% of its portfolio in Western Asset Municipal Partners Fund Inc. for 14,650 shares. It operates through two divisions, Victrex Polymer Solutions and Invibio Biomaterial Solutions.The P/E ratio is 23.03.

Mehmet Hakan Atilla gets 32-month sentence in Iran sanctions case
The Turkish government has fulminated about Zarrab and Atilla's cases, labeling them an attempted "judicial coup" on Erdogan. A spokesman for Turkish President Recep Tayyip Erdogan called Atilla's conviction on five charges a "scandalous verdict".

Only a quarter in new poll say Trump should get Nobel
Among Democrats, only 5 percent said that Trump deserves the Nobel Peace Prize , compared to 87 percent who said he does not. Trump has invited LePage to the White House over the first year of his time in office.

Verizon adopts AWS as preferred public cloud provider
Many flavors of blockchain have evolved over the years as public and private blockchains have emerged. AWS is using a partner-led strategy instead of building from the ground up.