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Investor: Tesla's Gigafactory 3 Construction Underway In China

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Investor: Tesla's Gigafactory 3 Construction Underway In China

Work is in progress on Tesla Inc (NASDAQ: TSLA)'s s Gigafactory 3 factory in Shanghai, China, and it's expected to be completed this summer and begin production in the second half of 2019, according to a Tesla investor. 

Marcel Münch, the co-founder of Dongxii, tweeted photos from his recent visit to the factory. 

"Been to #tesla Gigafactory 3 in #Shanghai & can confirm they are already installing tools inside. Saw 
@BoschGlobal machinery been put up," he tweeted Monday.

"Also spoke to workers (I speak Chinese), they said aiming to finish by August."

The Shanghai regional government approved the agreement to build the Tesla production facility in July 2018.

Benzinga has contacted Tesla for an update on the factory. 

Tesla's China Business 

There is no doubt that Tesla has a huge opportunity to capitalze in China.

"China’s Association of Automobile Manufacturers (CAAM) reports that China sales of EVs [electric vehicles] grew 60% last year, reaching 1.26 million units," according to Electronics Weekly.

Tesla CEO Elon Musk tweeted his plans Jan. 7 before the U.S. and China trade dispute escalated. 

One of the most significant impacts of the Sino-American trade war has been on the automotive industry. The question now: how will the trade spat affect Tesla? 

Tesla stock was up 0.46 percent at $213.86 at the time of publication Tuesday. 

Related Links:

A Look At Benzinga Pro's Most-Searched Tickers For June 11

Morgan Stanley Says The Market Is Underappreciating Tesla's AV Business

Tesla CEO Elon Musk at the Gigafactory 3 groundbreaking. Courtesy photo. 

Posted-In: Dongxii electric vehicles Electronics Weekly EVsNews Emerging Markets Rumors Markets Best of Benzinga

 

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