Elon Musk did not care about the trade war! Will invest $ 5 billion
A huge investor comes to China, the world’s largest market for electric cars. Tesla, the founder of Elon Musk, decided to set up a $ 5 billion factory in China, despite the commercial war with the US. Accordingly, it is planned to start production of Model 3 by 2020
As the trade war between the US and China grew, the world’s most valuable electric car maker, Tesla, took a surprise move.
Speaking to Bloomberg News, Tesla said that China will invest $ 5 billion to build a manufacturing plant. The US-based company will seek capital for part of the investment.
According to sources, Tesla agreed last month to establish a factory near relatives in Shanghai. Model 3 production will be started until 2020.
3 PERCENT TIMES IN CHINA
The biggest market for electric cars In China, sales of new-generation, battery-powered, hybrid and fuel-cell cars have reached 777 in 2017. This year’s estimate is over 1 million. The government aims to sell 7 million vehicles by 2025.
Tesla vehicles sold last year amounted to 14 thousand 779 vehicles. This corresponds to 3 per cent of the country’s electric car market and places Tesla in the 10th place in the “Most Preferred Markets” lineup. In 2017, 17 percent of Tesla’s revenues came from China.