Tesla Inc. plans to adjust its manufacturing processes in its Chinese factory to boost production capacity, according to Bloomberg. The changes focus on spare-part production in Shanghai factory, including an improvement to the power system, chassis, and electric motor.
- The changes in the production processes are the latest effort by Tesla to grow business in China, its second-largest market.
- Tesla plans to make as many as 10,000 supercharger poles annually at the 42 million Yuan or $6.5 million Shanghai factory.
- China aims to boost electric vehicle sales this year by building more EV charging stations and battery-swapping facilities.
- Industry regulators project EVs to account for 20% of total new car sales by 2025, up from 5% in 2020.
Tesla stock is currently gaining. TSLA: NASDAQ is up 1.27%.