Guiding your life’s biggest financial moments

Autos

Tesla to invest $ 188 million to expand capacity at Shanghai plant -Beijing Daily

A Tesla sign is seen at the U.S. electric vehicle maker

SHANGHAI, Nov.26 (Reuters) – Tesla Inc (TSLA.O) plans to invest up to 1.2 billion yuan ($ 187.91 million) to increase production capacity at its Shanghai plant, which will allow it to employ 4,000 additional people at the site, according to the state- Beijing Daily reported on Friday.

The newspaper attributed the information to a Shanghai government platform for the disclosure of environmental information by companies.

The amount of the investment was redacted in the Tesla document released on the platform on November 23 when Reuters accessed the document on Friday.

Tesla did not respond to a request for comment from Reuters.

The record showed that the expansion will allow Tesla to add 4,000 employees, bringing the number of people the plant can employ to 19,000. There will be no changes to the models the plant currently produces, according to the report. the file, which also did not specify to what extent the production capacity will be increased.

The Tesla plant in Shanghai was designed to manufacture up to 500,000 cars per year and currently has the capacity to produce Model 3 and Model Y vehicles at a rate of 450,000 total units per year.

The automaker’s sales in China are on the rise even as regulatory pressure intensifies following consumer disputes over product safety and scrutiny of how the company handles data. Last month, Tesla announced that it had built a separate research center and data center in Shanghai to store data locally.

It currently ships Model 3s made in China to Europe, where it is building a plant in Germany. In October, it sold 54,391 Chinese-made vehicles, including 40,666 for , according to data from the China Passenger Car Association.

The Shanghai plant is 100% owned by Tesla and is the first and only foreign passenger car plant in China exempt from being operated by a joint venture.

($ 1 = 6.3860 Chinese yuan)

Our Standards: Thomson Reuters Trust Principles.

You may also like...

Leave a Reply