Tesla Said to Be Close to Model 3 Approval for Europe Sales

07 January, 2019, 09:12 | Author: Brooke Harris
  • Tesla Said to Be Close to Model 3 Approval for Europe Sales

The $2 billion (R28m) factory - long under discussion - marks a major bet by the United States electric vehicle maker as it looks to bolster its presence in the world's biggest auto market, where it faces rising competition from a swathe of domestic rivals and its sales have been hit by increased tariffs on USA imports.

Shanghai - Tesla will break ground for its Shanghai Gigafactory on Monday, where it will begin making Model 3 electric sedans by year-end, Chief Executive Elon Musk tweeted. The company then accelerated the Gigafactory 3 plans in response to the trade war between the U.S. and China. The challenging environment also includes competition from several startups that all want to be like Tesla.

The Securities and Exchange Commission, which ended up fining Musk and Tesla $20 million each over the August 7 tweet, as well as removing Musk as chairman and forcing the addition of two independent directors to the board, found in a probe that Musk's relationship with Grimes played a role in setting the price he said he would ask for Tesla.

A local Chinese plant may be crucial for Tesla, which is struggling to stave off a potential dip in demand in the US, its biggest market, after reductions in federal tax credits for EVs. The company cut the price of all its models by US$2,000 to partially offset the loss of the subsidy.

A fully owned facility also would mean Tesla won't need to share its profits and technology with Chinese partners, unlike other foreign carmakers who are required to form a domestic joint venture.

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If you thought that 2018's most batshit feud was over, THEN OH BOY, YOU THOUGHT WRONG, BUDDY, as over the weekend, Azealia Banks blew up at Elon Musk yet again, claiming that she has even more dirt to dish on the billionaire, and things could get "ugly". China can build large factories in weeks. Passenger vehicle sales declined for six consecutive months through November and are on course for an annual decline.

Last month, Deputy Secretary of the Municipal Party Committee and Mayor of Shanghai Ying Yong stated that Tesla "basically completed land leveling and is about to start construction" at Gigafactory 3.

"Shanghai Giga will produce affordable versions of 3/Y for greater China".

The Shanghai government said in a statement its mayor Ying Yong urged the firm to "accelerate" work on the factory and said production would start to some degree in the second half of 2019 during a land visit in December past year.



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