Tesla Inc. plans to invest 42 million Yuan ($6.4 million) in a new factory to make the electric vehicle (EV) chargers in China next year, according to a document submitted by Tesla to the Shanghai authorities, Reuters reports. The factory, expected to be complete in February, will be located near Tesla’s car plant in Shanghai and will produce 10,000 chargers, dubbed charging piles, a year.
- Tesla’s plan to make car chargers seeks to expand sales in China, the world’s largest car market, where it sold 13,000 cars last month.
- Tesla also seeks to expand its network of charging points in China and encourage the adoption of EVs.
- Tesla now sells its Model 3 electric cars in China and plans to deliver its Model Y sport utility vehicles in 2021
- China offers hefty subsidies for electric vehicles as it seeks to curb pollution from petrol and diesel cars.
- Currently, Tesla imports EV charges, usually installed in charging stations or car parks from the U.S.
Tesla’s stock is currently declining. TSLA: NASDAQ is down 0.60%