Wednesday, December 8, 2021
Home > BUSINESS > Tesla invests DKK 188 million USD to expand factory capacity in Shanghai – Beijing Daily

Tesla invests DKK 188 million USD to expand factory capacity in Shanghai – Beijing Daily

Tesla invests DKK 188 million  USD to expand factory capacity in Shanghai – Beijing Daily

SHANGHAI, NOVEMBER 26 (Reuters) – Tesla Inc (TSLA.O) plans to invest up to 1.2 billion yuan ($ 187.91 million) to expand production capacity at its Shanghai plant, which will allow it to employ 4,000 more people on the spot, the state- The supported Beijing Daily newspaper reported Friday.

The newspaper attributed the information to a government platform in Shanghai for corporate disclosure of environmental information.

The investment amount was edited in the document, which Tesla published on November 23 on the platform, when Reuters gained access to the document on Friday.

Sign up now for FREE unlimited access to reuters.com

Tesla did not respond to a request from Reuters for comment.

The application showed that the expansion will allow Tesla to add 4,000 employees, bringing the number of people the factory can employ to 19,000. The models currently produced by the factory will not be changed, according to the archive, which also did not specify how much production capacity should be increased.

Tesla’s Shanghai plant is designed to produce up to 500,000 vehicles per year and currently has the capacity to produce Model 3 and Model Y vehicles at a speed of 450,000 total units per year.

The carmaker’s sales in China are rising, although regulatory pressure is mounting after consumer disputes over product safety and investigation into how the company handles data. Last month, Tesla said it had built a research center and a separate data center in Shanghai to store data locally.

It is currently shipping China-made Model 3s to Europe, where it is building a factory in Germany. In October, it sold 54,391 China-made vehicles, including 40,666 for export, according to data from the China Passenger Car Association.

The factory in Shanghai is fully owned by Tesla and is the first and only foreign passenger car factory in China that is exempt from being operated by a joint venture.

($ 1 = 6.3860 Chinese yuan)

Sign up now for FREE unlimited access to reuters.com

Reporting by Brenda Goh; Edited by Himani Sarkar and Christopher Cushing

Our standards: Thomson Reuters Trust Principles.

.

Leave a Reply

Your email address will not be published. Required fields are marked *