Tesla builds 1st overseas factory in China

Added On January 9, 2019

 U.S. electric carmaker Tesla has launched its Shanghai factory, becoming the first to benefit from a new policy allowing foreign carmakers to set up wholly-owned subsidiaries in China.

The new plant, Tesla's first outside the United States, is located in Lingang Area, a high-end manufacturing park in the southeast harbor of Shanghai.
It is designed with an annual capacity of 500,000 electric cars.
Tesla is the first beneficiary of China's new policy allowing foreign car makers to set up wholly-owned subsidiaries in?the country.
Present at the ceremony, the company's CEO Elon Musk shared his joy.
"This will be the most advanced gigafactory in the world. It's very impressive what the capabilities of Shanghai and recently that Shanghai has the biggest subway system in the world. That's great. Take with the resources here that we can build the Shanghai gigafactory right for time and we're looking forward to hopefully having some initial production of the Model3 the stable and achieving multi-production next year."
Tesla signed the agreement with the Shanghai municipal government last year to build the factory. 
With an investment of about 7 billion U.S. dollars, the factory is the largest foreign-invested manufacturing project in Shanghai's history.