Markets

Investors watch Shanghai for decision on Tesla

Investors watch Shanghai for decision on Tesla

The electric vehicle maker has reaffirmed that it is talking with the Shanghai municipal government regarding the set up of a factory in the region.

Tesla watchers expect Tesla will announce that it will build a factory in Europe shortly, as it advances its plan to rule the automobile marketplace in coming years.

Tesla's production plans in the largest auto market are closely followed by investors and industry executives alike as China accelerates electric-car development and works on a timeframe to phase out conventional-engine cars.

As reported by Bloomberg last September, the EV leading country is considering revising this policy allowing carmakers to establish wholly-owned electric-vehicle businesses in its free-trade zones. Tesla exported roughly 11,000 cars in 2016 to China, where they sell for 50 percent more than they due in the United States.

"Tesla is working with the Shanghai Municipal Government to explore the possibility of establishing a manufacturing facility in the region to serve the Chinese market", a Tesla spokesperson told Reuters.

Wall Street Journal sources say that Tesla has struck a deal with China to build a factory in Shanghai's free trade zone, which will increase the electric auto maker's declining sales in the country.

North Korea: Our Nuclear Weapons Aimed At US Alone
Tensions have increased between Pyongyang and Washington since the regime began testing intercontinental ballistic missiles that could hit the U.S. mainland.

The company declined to comment on the report, Reuters said.

"We continue to evaluate potential manufacturing sites around the globe to serve the local markets".

Shanghai-based Tesla Model S owner Jason Man verified with Teslarati that he was able to charge at the underground Supercharger station on Monday afternoon local time. TSLA reached a deal to begin building a factory in Shanghai's free trade zone, which is the first Hong Kong-like free trade area in mainland China. The development is going to be beneficial especially in a country where electric vehicle market is gaining momentum rapidly.

According to an agreement with the Chinese government, Tesla would get ownership rights over its plant in the foreign land.

The increase in borrowing capacity will give the Tesla the ability to offer consumers better lease deals as it scrambles to break bottlenecks that have dogged production of its newest and most affordable vehicle, the Model 3.


  • At Least 52 Officers and Conscripts Killed in Egypt Gun Battle

    At Least 52 Officers and Conscripts Killed in Egypt Gun Battle

    Interior Ministry said that a number of policemen were killed and injured, and some terrorists also died in the ensuing crossfire. In response to the latest bloodshed Egyptian security forces appeared to step up their operations in the area of the attack.

    Dow opens above 23000 on strong IBM results

    Investors are also awaiting the Fed's issue of the Beige Book, a periodic snapshot on the health of the US economy. And new home construction fell almost five percent in September, the biggest decline in about six months.
    Draymond Green's MRI on left knee negative, doubtful for Pelicans game Friday

    Draymond Green's MRI on left knee negative, doubtful for Pelicans game Friday

    Golden State faces the New Orleans Pelicans on Friday, and Haynes noted that Green's status is "unknown at this time". When you are lacking conditioning, like we are right now, you have to have high-energy guys out there.
  • Raiders Clinch Late Win Over Chiefs As Marshawn Lynch Is Ejected

    Raiders Clinch Late Win Over Chiefs As Marshawn Lynch Is Ejected

    The Chiefs should've won the game, but penalties cost them and the Raiders capitalized, completing the comeback in insane fashion. The Raiders will have 10 days to get ready for a tough road game against the Buffalo Bills in Orchard Park on October 29.
    Melania Trump to donate her inaugural gown to the Smithsonian

    Melania Trump to donate her inaugural gown to the Smithsonian

    The museum director John Gray and the Secretary of the Smithsonian David Skorton stood beside Trump as she addressed the audience. The Smithsonian says the First Ladies Collection has been one of its most popular attractions for more than a century.
    Blac Chyna Sues Kardashians, Says They Canceled 'Rob & Chyna'

    Blac Chyna Sues Kardashians, Says They Canceled 'Rob & Chyna'

    After a very messy social media attack by Rob on Chyna in July, a judge granted her a temporary restraining order . She also pinned the nude photo scandal as another reason why her show with Kris Jenner's only son was axed.
  • Louis Weather Conditions and Forecast, October 21, 2017

    Louis Weather Conditions and Forecast, October 21, 2017

    But low pressure will start to approach the North Country Monday night and then move across the region Tuesday into Wednesday . As a result, clouds and precipitation chances will be increasing with fairly widespread rain expected Tuesday into Wednesday .
    Air pollution kills 50000 people in UK

    Air pollution kills 50000 people in UK

    Nearly all these deaths occurred in low and middle income countries, where pollution could account for up to a quarter of deaths. In the most severely affected countries, pollution-related disease are responsible for more than one death in four, it said.
    Trump offered $25000 to fallen soldier's father, but didn't follow through

    Trump offered $25000 to fallen soldier's father, but didn't follow through

    Bush and President Barack Obama honored military service and implicitly criticized Trump for politicizing military deaths. In response to Trump's claim, retired army General Martin Dempsey tweeted that both President George W.
  • 4 lightly injured in Munich knife attack

    4 lightly injured in Munich knife attack

    The motivation for the attack is still unclear as the suspect refused to make a statement during his interrogation by police. Police arrested a man after eight people were injured in a knife attack on Saturday in the southern German city of Munich.
    Katy Perry stuck in mid-air at concert

    Katy Perry stuck in mid-air at concert

    Katy Perry leapt into the arms of fans after becoming stuck on a prop dangling high above the crowd. The first seven shows of Perry's Witness tour were postponed due to production delays.
    White House slams decision to block travel ban

    White House slams decision to block travel ban

    Federal judges in Hawaii and Maryland blocked it in rulings Tuesday and Wednesday, just before it was due to take effect. The latest ban was announced last month as cases challenging the previous version awaited action at the Supreme Court.