Tesla Inc on Monday will break ground for its Shanghai Gigafactory where it will begin making Model 3 electric vehicles (EV) by year-end, Chief Executive Elon Musk tweeted https://twitter.com/elonmusk/status/1082103637990625281 ahead of the formal start of construction of the firm’s first Chinese plant.
Source: www.reuters.com
Tesla, the electric car manufacturer recently announced the commencement of production for its Shanghai Gigafactory. This new factory will cost Tesla around $2 billion to construct. Upon completion, the Company will start producing Model 3 electric vehicles by year-end. Tesla has realized a drop in Chinese sales over the past few months due to an increase in price sparked by tariffs. The addition of this new Gigafactory should help give Tesla a competitive advantage among its fierce competition and boost production.
