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’s arm in China, Tesla (Shanghai) Co. Ltd has increased its registered capital to a total of 4.67 billion RMB (about $680 million) on Sept. 7, according to the information shown by Shanghai Industry and Commerce Administration authority.
Intelligent electric vehicle maker BYTON showcased its latest innovations at the 2018 Pebble Beach Concours d’Elegance on August 26, including the U.S. debut of the BYTON K-Byte Concept on the prestigious Concept Car Lawn.
After getting wind of Tesla’s contemplation over going private, Chinese electric car manufacturer, NIO, is rushing to go public to fill in Tesla’s void – and to raise additional $1.8 billion for its rising operational costs. Tesla CEO Elon Musk said he may use Saudi Arabian capital to finance the company’s move in the near…
Here’s this week’s roundup of China tech stories.
Elon Musk, CEO of Tesla, confirmed amid the company’s record loss that he will not sell any stocks. Tesla’s Gigafactory 3 in China, although costing less than expected, will be built through local bank loans.
Hyperloop Transportation Technologies (Hyperloop TT) signed its first agreement with China to build a hyperloop system in the country’s technological development zone.
Tesla Motors announces a new Technology Innovation Center in Beijing on July 12 as CEO Elon Musk concludes his three-day trip in China.
Tesla Inc. is going to open its first overseas production facility in Shanghai, aiming to double its global manufacturing size.
On May 25, Tesla Inc. published a blog post on its official website introducing eight new talents they have hired recently. Among them, the CFO of the recently announced Tesla (Shanghai) Co., Ltd. has been confirmed to be James Zhou, a seasoned executive in the automobile industry.
Tesla Inc. will lower its price in China immediately the country reduced its tariff on most imported cars on May 22.
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.
On February 28, the media reported that NIO has hired eight banks, including Morgan Stanley and Goldman Sachs, to prepare for its planned listing in U.S. this year. The IPO is expected to raise up to $2 billion USD.
China is the world’s largest market for car sales. Tesla’s vehicles have to be imported into China, as Tesla is unable to produce cars in China. Nevertheless, Tesla doubled its sales in China in 2017, and Tesla’s all-electric cars are commonly seen on China’s roads.