Tesla eyes China for growth

Central Station | May 16, 2018
Tesla chief Elon Musk is reorganizing his electric carmaking firm, with key inputs from its Hong Kong and Shanghai subsidiaries, to accelerate production of Model 3 vehicles -- a key to profitability at the fast-growing firm.

"To ensure that Tesla is well prepared for the future, we have been undertaking a thorough reorganization of our company," Musk said.

He outlined a raft of measures, including streamlining of the company's management and operations, including setting up new projects in China to drive up growth.

Tesla has set up a company in Shanghai focusing on technology development in China, a crucial market for the US firm as the country plans to scrap ownership limits for foreign automakers.

The US firm's Hong Kong unit established Tesla (Shanghai) Limited on May 10 with a registration capital of 100 million yuan (HK$123.53 million).

Musk said the California company will announce a China location for a new "Gigafactory" that will produce batteries, as well as vehicles.

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