Tesla sets up Shanghai financial leasing unit as China plans accelerate
Tesla has opened a tender process to build its Shanghai Gigafactory and at least one contractor has started buying materials
Beijing: Tesla Inc has registered a financial leasing company in China, a local business registration filing shows, in the latest sign the U.S. electric car maker is attempting to speed up its push into China.
The California-based carmaker, led by billionaire Chief Executive Elon Musk, has opened a wholly-owned financial leasing unit in Shanghai’s free trade zone with registered capital of $30 million, according to China’s National Enterprise Information Publicity System.
Its scope includes leasing and consultancy, the document said, which listed the firm’s legal representative as Zhu Xiaotong, Tesla’s boss in China.
Tesla declined to comment.
The company has opened a tender process to build its Shanghai Gigafactory and at least one contractor has started buying materials, Reuters reported earlier this month.
The $2 billion factory, Tesla’s first in China, marks a major bet by the U.S. electric vehicle (EV) 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 EV makers and its earnings have been hit by increased tariffs on U.S. imports.
This story has been published from a wire agency feed without modifications to the text. Only the headline has been changed.
- KG-D6 issue: Niko serves arbitration notice to RIL and BP
- CII asks RBI to cut repo rate, cash reserve ratio
- UCO Bank board approves raising Rs1,000 crore via QIP
- Reliance Jio Q3 profit swells 22% to Rs 831 crore, user base over 280 million
- Bombay HC to hear Kotak Mahindra Bank’s plea on stake dilution in March
Editor's Picks »
- DGCA imposes restrictions on IndiGo, GoAir in operating P&W engines-powered A320 neo planes
- A glimpse into history of Indian cinema through national museum
- Opinion | The 10% solution will not solve the job crisis in the country
- BJP reaches out to allies in North-East to allay their fears on citizenship bill
- Opinion | Calls for a second Brexit vote deserve consideration
- DCB Bank Q3 results: Small loans give big pain as farm, mortgages lift delinquencies
- 1 step forward, 2 steps back. Is GST going the VAT way?
- Mindtree delivers stable Q3 results after a shock Q2
- RIL Q3 results today: Will Reliance Jio, Reliance Retail make up for lost energy?
- Why Tata Motors’ Project Charge at JLR is failing to recharge its shares