Tesla is reported to be putting together “a major engineering team in China.”
“Looking forward to breaking ground on the @Tesla Shanghai Gigafactory today!” tweeted Tesla CEO Elon Musk.
Despite escalating China-U.S. trade tensions, Tesla acquired a land area measuring around 860,000 square meters (214 acres) in Shanghai's Lingang Area at the price of nearly 900 million yuan ($140 million) on Oct. 17, according to Shanghai Land Market.
Tesla Inc. registered a new car firm in Shanghai with 100 million RMB from the solo shareholder of TESLA MOTORS HK LIMITED, the Tencent Auto reported.
In mid-April, media reported that in a summit organized by the Chinese auto industry, a source disclosed that Tesla will establish a wholly-owned factory in China in 2018.