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Tesla and the Chinese city of Shanghai reached a first of its kind agreement in which Tesla can build a wholly owned factory within the city's free-trade zone, The Wall Street Journal reported. Foreign automakers are typically required to partner with a Chinese manufacturer prior to setting up new manufacturing facilities in the country.
However, with this move, the Chinese government is likely signaling it's now open to easing restrictions in a bid to boost manufacturing of electric vehicles but may not be willing to go as far as to reducing or eliminating the 25-percent import tariff that Tesla would be subject to.
The WSJ report shouldn't necessarily come as a complete surprise as Tesla's ambitions to open a facility in the city of Shanghai were detailed in June of 2017. Tesla's CEO Elon Musk visit with China's Vice Premier Wang Yang one month prior may have also played a role in advancing negotiations between the two entities.The electric automaker beganCrypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.