Tesla Inc broke ground on Monday at its Shanghai “Gigafactory” where it plans to begin making its Model 3 electric vehicles (EV) by year-end, a first step in localising production in the world’s largest auto market.
At a ceremony at the site of the plant on the outskirts of Shanghai, Chief Executive Elon Musk joined the city’s mayor and other local government officials to formally begin construction of a factory that Tesla has said will cost around $2 billion.
The so-called Gigafactory is China’s first wholly foreign-owned car plant, a reflection of China’s broader shift to open up its car market, even amid a trade war with the United States which has seen a rise in tariffs on cars imported from the U.S.
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