Tesla, the US electric car company, has paid Rmb973m ($140m) to lease an 860,000 square metre plot of land near Shanghai’s port for its first major vehicle factory outside the US, as it tries to expand sales in the world’s largest automotive market.
Tesla said the factory would begin production in 2021 with initial capacity of about 250,000 vehicles a year. The cost of the lease was disclosed on a Shanghai government website. Such leases usually last 50 years.
Tesla’s sales in China have been affected by rising trade frictions between Beijing and Washington. The company said this month it was operating at a 55 to 60 per cent cost disadvantage compared to Chinese producers due to tariffs and shipping costs.
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