Tesla and Elon Musk break ground on new China factory

9:44 AM ET Mon, 7 Jan 2019

Tesla CEO Elon Musk and Shanghai Mayor Ying Yong celebrated on Monday the ground breaking of the electric automaker’s first non-U.S. factory. Tesla acquired land for a factory on the outskirts of Shanghai for about $140 million in October 2018. Producing vehicles in China would reduce costs from tariffs and ocean transport for Tesla, as it faces rising competition from local electric automakers.