Tesla Will Produce 500000 Cars a Year in China

Tesla Inc. (TSLA) is kicking into gear.

On Tuesday, July 10, the Shanghai government announced that Tesla's gigafactory in China will plan to make 500,000 cars a year. The announcement comes after CEO Elon Musk met with officials in Shanghai Tuesday. Musk and the officials reportedly reached a preliminary agreement regarding the Chinese gigafactory.

Tesla is expected to make an announcement about the plans for the Chinese gigafactory in the next couple of months.

Musk is also expected to make a trip to Beijing later in the week.

Currently, Tesla has gigafactories in Nevada and northern New York as well as a manufacturing plant in California. Tesla has announced plans to eventually build a gigafactory in Europe.

Tesla representatives didn't immediately respond to a request for comment.

Tesla jumped nearly 2% in morning trading, adding to a 2.3% year-to-date gain. The stock currently trades around $324.

This news comes after Tesla shares plummeted last week.

Let's block ads! (Why?)