The Hong Kong division of U.S. new energy vehicle manufacturer Tesla has registered a new wholly-owned company in Shanghai after over a year of tussling with local governments, inching towards its goal of building its first factory outside the U.S.
The new company has a capital of RMB 100 million ($15.8 million), Bloomberg reports, and its business will include the technological development of electric vehicles, auto parts, energy storage facilities and solar panel products.
Beijing’s announcement last month to lift foreign ownership caps on car manufacturers in China has given Tesla a way in to the world’s largest EV and general auto market.
Tesla has plans for a second Gigafactory to be built in China, but has not yet announced the location.
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