Tesla launches tech development firm in China
Tesla has long eyed manufacturing its cars in China, the world’s biggest electric market
Shanghai — 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 vehicle makers. The US firm’s Hong Kong subsidiary established Tesla (Shanghai) Ltd on May 10 with a registration capital of 100-million yuan ($15.8m), filings on the National Enterprise Credit Information Publicity System showed on Monday. Its business range includes technology development, import and export of electric cars and components, it said, adding that Tesla Motors HK was the sole shareholder of the Shanghai company, with an operation period of 30 years. Production of electric cars is not included in the business scope though. Tesla already exports cars to China, one of the California firm’s top markets. Tesla has long eyed manufacturing its cars in China, the world’s biggest electric market. Its CEO, Elon Musk, said earlier in May that the company would announce a China location for a ne...
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