Get 40% Off
🔥 This hedge fund gained 26.16% in the last month. Get their top stocks with our free stock ideas tool.See stock ideas

Tesla to expand parts production in Shanghai to meet export demand -document

Published 02/23/2022, 03:55 AM
Updated 02/23/2022, 04:02 AM
© Reuters. FILE PHOTO: A truck transports new Tesla cars at its factory in Shanghai, China May 13, 2021. REUTERS/Aly Song
USD/CNY
-
TSLA
-

SHANGHAI (Reuters) - Tesla (NASDAQ:TSLA) Inc plans to expand parts production at its Shanghai factory to meet growing demand for exports, according to a document it filed with the city government.

The automaker will add production workshops, increase the number of workers and lengthen the time equipment is operational, the document.

Exact figures were redacted from the document, which was filed on Tuesday. Tesla did not respond to a request for comment.

Tesla's Shanghai factory currently has the capacity to produce a combined 450,000 Model 3 and Model Y vehicles a year.

Last year, it sold over 470,000 China-made cars.

Xinhua news agency has reported that more than 160,000 Tesla China-made cars were sold overseas in 2021.

In November, the state-backed Beijing Daily newspaper reported that Tesla plans to invest up to 1.2 billion yuan ($190 million) to expand production capacity at its Shanghai factory, allowing it to employ 4,000 more people at the site.

($1 = 6.3210 Chinese yuan)

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.