Tesla
Source: Tesla

The future is here and the future is now. Tesla has officially reached a deal with the Shanghai government to build a factory in China that is capable of producing 500,000 electric cars per year. This deal is especially crucial to Tesla’s founder, Elon Musk, who has expressed that China is a crucial market for the success of the company. The creation of the plant is Tesla’s second in the ever growing and expanding market.

When asked about the factory’s building schedule, a Tesla spokesperson stated that construction will begin “in the future after we get all the necessary approvals and permits.” In an email to Tech Crunch, the spokesperson added, “From there, it will take roughly two years until we start producing vehicles and then another two to three years before the factory is fully ramped up to produce around 500,000 vehicles per year for Chinese customers.”

Elon Musk shared the same sentiments in his official statement where he said, “It will be a state-of-the-art vehicle factory and a role model for sustainability. We hope it will be completed very soon. We’ve been impressed by the beauty and energy of Shanghai and we want our factory to add to that.” Musk also complimented the Chinese government by saying, “Shanghai will be the location for the first Gigafactory outside the United States.”

However, the company has not communicated how much the factory will cost, which may be important as the company looks to continue production on its Model 3 car. In the foreseeable future, Tesla’s success remains to be seen.

 

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