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Electric automaker Tesla Inc (NASDAQ:TSLA) is reportedly looking to expand its China-based Gigafactory 3 facility, according to Electrek.
What Happened
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Tesla's Gigafactory 3 in Shanghai will likely play a bigger than previously expected manufacturing role amid ongoing China-U.S. trade tensions, Electrek reported Monday.
If Tesla manufactures components in the facility for production in China, it will avoid import tariffs in the largest global auto market.
Tesla finished constructing most of the exterior of its Chinese building during the summer months, but recent drone footage suggests coming expansions, Electrek said. A YouTube video by Jason Yang suggests the company is active in grading additional land next to the factory and digging for new foundations.
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Tesla hasn't confirmed an expansion of its new facility, and an artist depiction of the finalized building looks similar to its current form, according to Electrek.
Coinciding with Electrek's report, China's government has formally expanded its Shanghai Free-Trade Zone to include Tesla's factory. The expansion is part of the country's efforts to expand economic reforms, according to SCMP.
What's Next
Tesla shares were trading down 0.53% at $243.89 at the time of publication Monday.
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Photo courtesy of Tesla.
Crypto 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.