Tesla’s second vehicle assembly plant will be established in China, the Nikkei Asian Review reports, capitalising upon recently announced deregulatory measures in the country’s auto industry lifting the 50% cap on foreign ownership.
The site, yet to be confirmed, will supplement the sole existing plant in California, and has been chosen to help Tesla penetrate the world’s largest new energy vehicle market as the company’s financials fail to inspire. CEO Elon Musk has been in talks with the Shanghai government for over a year regarding operations in China but has been restricted by the foreign ownership rules.
In a conference call Musk said “we’re very appreciative of the fact that the government of China has announced that they will be allowing full ownership of manufacturing facilities in China.”
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