Tesla and Elon Musk break ground on new China factory

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.
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Mon, Jan 7 20199:44 AM EST