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Tesla secures Shanghai site for $2 billion China Gigafactory

Updated : October 17, 2018 04:10 PM IST

The land agreement marks a key step towards the firm and its Chief Executive Elon Musk making cars locally in China for the fast-growing market, even as tariffs imposed by Beijing on US-made goods have caused it to hike prices of its imported models.
Tesla signed a long-anticipated deal with Shanghai authorities in July to build its first factory outside the United States, which would double the size of its global manufacturing and help lower the pricetag of Tesla cars sold in the world's largest auto market.
Tesla secures Shanghai site for $2 billion China Gigafactory
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