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Tesla to build EV factory in China

Automaker, Tesla, has reportedly agreed to establish a manufacturing facility in Shanghai, which could help the company gain traction in China’s fast-growing Electric Vehicle (EV) market, according to US news outlet, The Wall Street Journal.

The deal with Shanghai’s Government will reportedly allow Tesla to build a factory in the city’s free-trade zone.

“This arrangement, the first of its kind for a foreign automaker, could enable Tesla to slash production costs, but it would still likely incur China’s 25 per cent import tariff,” The Wall Street Journal reported.

“China’s electric-vehicle market – already the world’s largest – is primed for growth. The Chinese Government is targeting seven million EV sales a year by 2025, up from 351,000 last year, and in September it ordered all automakers already operating in China to start producing EVs by 2019. Officials have also said they are working on a plan to ban gasoline cars.”

The launch date for the highly anticipated Tesla Semi has been pushed to November.

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