Tesla broke ground Monday on its Shanghai Gigafactory as part of the electric-car maker's plan to localize production of vehicles to be sold in the world's biggest auto market, The Associated Press reports. The factory, Tesla's first outside the U.S., will start production in China of its Model 3 and a planned crossover by the end of the year, CEO Elon Musk tweeted. "Affordable cars must be made on same continent as customers," Musk wrote on Twitter ahead of a ceremony at the plant site, where he joined the city's mayor and other local government officials. The Gigafactory is China's first wholly foreign-owned car plant. It reflects China's shift toward opening its car market even as it faces a trade war with the U.S., Reuters reports.
The Week
Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives.
Sign up for The Week's Free Newsletters
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
-
‘Tariffs at their essence are an income transfer’Instant Opinion Opinion, comment and editorials of the day
-
Why is Trump backtracking on the Hyundai immigration raid?Today’s Big Question Backlash threatens investment in US manufacturing
-
The 9 restaurants to eat at this very momentThe Week Recommends They’re award-winning. Isn’t that reason enough?
-
New York court tosses Trump's $500M fraud fineSpeed Read A divided appeals court threw out a hefty penalty against President Trump for fraudulently inflating his wealth
-
Trump said to seek government stake in IntelSpeed Read The president and Intel CEO Lip-Bu Tan reportedly discussed the proposal at a recent meeting
-
US to take 15% cut of AI chip sales to ChinaSpeed Read Nvidia and AMD will pay the Trump administration 15% of their revenue from selling artificial intelligence chips to China
-
NFL gets ESPN stake in deal with DisneySpeed Read The deal gives the NFL a 10% stake in Disney's ESPN sports empire and gives ESPN ownership of NFL Network
-
Samsung to make Tesla chips in $16.5B dealSpeed Read Tesla has signed a deal to get its next-generation chips from Samsung
-
FCC greenlights $8B Paramount-Skydance mergerSpeed Read The Federal Communications Commission will allow Paramount to merge with the Hollywood studio Skydance
-
Tesla reports plummeting profitsSpeed Read The company may soon face more problems with the expiration of federal electric vehicle tax credits
-
Dollar faces historic slump as stocks hit new highSpeed Read While stocks have recovered post-Trump tariffs, the dollar has weakened more than 10% this year
