Published: Sat, January 12, 2019
Markets | By Otis Pena

Briefing: China offers Tesla's Elon Musk permanent residency

Briefing: China offers Tesla's Elon Musk permanent residency

Tesla will be putting the brakes on the sale of its lowest-priced versions of the Model S and Model X, Elon Musk posted on Twitter Wednesday. "I love China very much and I am willing to come here more", Musk told him.

The Tesla Inc. boss swept through the country this week, kicking off construction at a factory near Shanghai, hanging with the premier and chowing down on hotpot in Beijing.

First up, Musk boogied on January 7 as he celebrated the first spadeful of soil, figuratively at least, at Tesla's proposed $5 billion plant on the outskirts of Shanghai. Li said he welcomed greater cooperation with companies from around the world.

Getting a Chinese "green card" has been described as "one of the most hard tasks in the world".

Li replied: 'If this is what you truly have in mind, we can issue you a "Chinese green card"'. In contrast, more than 1 million people were granted permanent residency in the U.S. during 2017.

Tesla declined to comment on the offer.

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Tesla's move to break ground on the factory comes amid the backdrop of an ongoing trade war between Washington and Beijing.

"We welcome more foreign enterprises to take part in China's new-round and high-level opening up", foreign ministry spokesman Lu Kang was quoted by state-run Global Times as saying.

Members of this club, according to the paper, include Dutch scientist Bernard Feringa, who won the 2016 Nobel Prize in chemistry, former National Basketball Association all-star Stephon Marbury, and Nobel-winning economist Robert Mundell.

The billionaire, 74, indirectly owns 3 million Tesla shares through the Lawrence J. Ellison Revocable Trust, according to a filing made to the U.S. Securities and Exchange Commission.

Once completed later this year, Tesla's Gigafactory 3, situated in the Chinese port city of Shanghai, will be able to sell its cars directly into China. China and the US also just wrapped up three days of talks to resolve trade disputes, and officials from both nations have expressed optimism that progress has been made.

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