Tesla planning to open factory in China
- Largest electric car company in talks with Shanghai municipality, according to news reports

American electric car manufacturer and energy storage company Tesla is planning to open a factory in China, according to U.S. media outlets on Thursday.

The company is in talks with Shanghai municipality in order to open its first factory outside the U.S.

Chinese internet giant Tencent Holdings bought 5 percent share in Tesla in March. Experts said the two companies can establish a partnership in China as well.

Tesla CEO Elon Musk said in a letter to investors in March that the company plans to build at least 500,000 electric cars by 2018.

The firm produced more than 25,000 vehicles in the first three months of this year -- a quarterly record for the company. The first quarter's production is also a 69 percent increase from the same period last year.

Tesla shares rose 1.6 percent in U.S. stock market on Thursday, while its market value was around $64 billion.

The company has become the world's fourth most valuable automaker on June 11, surpassing German automaker BMW.

Tesla became the U.S.' most valuable car manufacturer in early April, leaving General Motors behind.

By Ovunc Kutlu in New York

Anadolu Agency



24 Jun,2017