Tesla signs agreement to build cars in China

Tesla has signed a “cooperative agreement” with the Shanghai Municipal Government to build its third Gigafactory and the first in China, the company announced today. Tesla says it aims to be able to make 500,000 cars per year there in what is the biggest market for electric vehicles in the world, though the company says it will be a while before the factory is up and running.

“We expect construction to begin in the near future, after we get all the necessary approvals and permits,” the company said in a statement. “From there, it will take roughly two years until we start producing vehicles and then another two to three years before the factory is fully ramped up to produce around 500,000 vehicles per year for Chinese customers.”

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