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Tesla sets up new firm within Shanghai Free Trade Zone

16 May 2018

Tesla, the biggest-selling electric carmaker in the USA, would not comment on its Chinese subsidiary on Monday.

Tesla is expected to soon announce its next Gigafactory in Shanghai, China, as new company registrations have been discovered.

Tesla received the business license for its subsidiary from the market regulation bureau of the Pudong New Area on Thursday, Xinhua quoted the National Enterprise Credit Information Publicity System as saying on Monday. "Tesla is still inarguably the leader in electric cars, and its locally-built cars will attract more buyers".

The licence, dated May 10, allows Tesla to conduct R&D on electric cars, auto parts, batteries and solar panel products. The formation of this company comes shortly after Elon Musk said Tesla was edging closer to an announcement regarding a Chinese factory.

US retailer Gap sorry for T-shirt's "erroneous" China map
The People's Daily , official newspaper of the Chinese Communist Party, reports that the T-shirt had been sold in Canada . Gap announced that it stopped offering the T-shirts in question for the Chinese market and had them destroyed.

Among other recent changes that aim to increase transparency and reduce risk in China's financial sector are new rules that restrict individual shareholders to no more than 33% ownership in insurance companies, as well as plans to merge the country's insurance and banking regulators. What's more, China continues to become an increasingly important market for electric vehicle manufacturers and in the past year, EV sales have increased by 149 per cent.

The South China Morning Post in February reported that Tesla had threatened to shift its presence away from Hong Kong after the government briefly eliminated incentive programs that reduced the effective sale price of electric vehicles.

Beijing has set an ambitious target, whereby new-energy vehicles will account for a fifth of total sales by 2025.

Tesla sets up new firm within Shanghai Free Trade Zone