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Canaccord Genuity's Tony Dwyer believes stocks are about to fall as much as 5% from their all-time highs.Trading Nationread more
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.