Tesla CEO Musk breaks ground at Shanghai Gigafactory to launch China push [Toronto Globe and Mail (Ontario, Canada)]
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Source: Toronto Globe and Mail
Tesla CEO Musk breaks ground at Shanghai Gigafactory to launch China push Tesla Inc broke ground on Monday for its Shanghai Gigafactory where it plans to begin making its Model 3 electric vehicles (EV) by year-end, a first step in localizing production in the world’s largest auto market. At a ceremony at the site of the plant on the outskirts of Shanghai, Chief Executive Elon Musk joined the city’s mayor and other local government officials to formally begin construction of a factory that Tesla has said will cost around $2-billion. “We think with the resources here we can build the Shanghai Gigafactory in record time and we’re looking forward to hopefully having some initial production of the Model 3 towards the end of this year and achieving volume production next year,” Musk said at the event. Story continues below advertisement The so-called Gigafactory is China’s first wholly foreign-owned car plant, a reflection of China’s broader shift to open up its car market, even amid a trad
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