The daily business briefing: December 30, 2019

Tesla delivers its first China-built electric cars, Egyptian regulators approve Uber's acquisition of Careem, and more

Tesla China
(Image credit: Photo by HECTOR RETAMAL/AFP via Getty Images)

1. Tesla delivers first cars built at new Shanghai factory

Tesla on Monday delivered the first Model 3 electric cars built at its Shanghai factory. The company got the $2 billion plant up and running in just 357 days. The Shanghai factory is part of Tesla's effort to build a bigger presence in the world's biggest automobile market. Producing cars in China also allows Tesla to reduce its exposure to tariffs under the U.S.-China trade war. The China-made Model 3 sedans, which sell for about $50,000 before subsidies, were delivered to 15 Tesla employees who had placed advance orders. The company plans to speed up the pace of deliveries of the vehicles next month.

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Harold Maass, The Week US

Harold Maass is a contributing editor at The Week. He has been writing for The Week since the 2001 debut of the U.S. print edition and served as editor of TheWeek.com when it launched in 2008. Harold started his career as a newspaper reporter in South Florida and Haiti. He has previously worked for a variety of news outlets, including The Miami Herald, ABC News and Fox News, and for several years wrote a daily roundup of financial news for The Week and Yahoo Finance.