Electric-car maker Tesla announced that it has bought a 210-acre plot for its highly-anticipated Gigafactory in Shanghai, as the firm looks to boost its competitiveness against homegrown Chinese EV brands.
According to the New York Post, CEO Elon Musk says that the new plant, the land for which cost Tesla $140 million, aims to produce 500,000 vehicles a year within a decade.
Tesla still struggles from a lack of price competitiveness in China as it currently ships its vehicles from factories in the US. “Tesla is now operating at a 55% to 60% cost disadvantage compared to the exact same car locally produced in China,” the company said in its quarterly report.
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