"A Wall Street Journal report citing unnamed sources privy to the negotiations claimed on Sunday that a deal has come to fruition, "[allowing] the Silicon Valley auto maker to build a wholly owned factory in the city's free-trade zone".
A Tesla spokesman didn't have a comment beyond reiterating the company's previous statement in June that it planned to "clearly define" production plans in China by year's end. According to the news report, Tesla would likely still face 25 percent import duties on its factory-produced cars sold in China.
Local production would make it easier for Tesla to access China's auto-parts supply network and engineering talent pool at lower costs, accelerating sales growth and helping it compete with BYD Co.
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The Wall Street Journal said any cars built by Tesla in the free-trade zone would still incur a 25 percent import tariff.
We have reached out to Tesla in hopes of learning more about its plans in China.
China is one of the biggest and fastest moving auto market in the world, and a factory in the region could assist the electric vehicle maker in gaining some traction in the country's EV market. Until now, United States carmakers like GM hoping to sell cars in China's domestic market have been forced to work (and more importantly share profits and technology) with a local partner.
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And he likes playing there as well; it gives him freedom to go after the bowlers a bit. That can hamper the most important format, which is Test cricket for us.
What's interesting about this deal is that Tesla will own the factory; typically, companies have to partner with a local manufacturer, but not Tesla. What was not known until now is that Tesla will be the sole owner of the factory.
Tesla is intensely focused on the Chinese market, laying claim to 8.6% of the EV market share in China.
Tesla has seen a boom in China sales over the past year, seeing revenue triple to $1 billion in the country. Currently, Tesla is preparing for the announcement of deals with the Shanghai government. A year ago in China more than half a million new-energy cars were sold. The automaker may still be subject to tariffs, however, as goods entering the country from a free-trade zone are still considered to have been imported. The influential magazine gave Tesla's Model S sedan an "above average" score.
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