Published: Tue, May 15, 2018
Sci-tech | By Patricia Wade

Tesla Registers Shanghai Electric Car Firm in China

Tesla Registers Shanghai Electric Car Firm in China

The new company will focus on electric cars, spare parts and batteries. It also pledged to reduce tariffs for imported cars. Xiaotong Zhu, Tesla's China head, is listed as the company's legal representative of the company, which is a wholly-owned subsidiary of Tesla's Hong Kong company. "We don't have anything new to add on this registration for now", a Tesla spokeswoman told Reuters on Monday.

Tesla now imports all the electric vehicles it sells in China from the United States.

Under China's new policy, FWD can take up to a 51% stake in the new venture, the remainder of which will be held by two unnamed Chinese partners. Last month's announcement by Beijing that it will allow foreign new-energy vehicle makers to fully own auto factories as early as this year removed the primary hurdle in the way of founder and billionaire Elon Musk.

Musk has been critical of China's tough rules for foreign businesses, saying they created an uneven playing field.

Vodafone falls 3% on CEO resignation
The announcement came as Vodafone reported an impressive set of results, including major organic growth, for the fourth quarter. Meanwhile the Group CFO role will go to Margherita Della Valle , who is now the deputy CFO.

Tesla has plans for a second Gigafactory to be built in China, but has not yet announced the location.

China is an important marker for Tesla, as well as for General Motors.

China, which is the world's largest new-energy vehicle market, had 1.53 million new-energy cars in 2017, accounting for 0.7 per cent of the total vehicles nationwide, according to the Ministry of Public Security. Plug-in-hybrid vehicle sales are booming in the country.

The Palo Alto, California-based company has been working with Shanghai's government since past year to explore assembling cars in China.

Like this: