Tesla to build wholly-owned Shanghai plant

Tesla Model 3

- Electric vehicle maker Tesla Inc (TSLA.O) reaffirmed on Sunday it is talking with the Shanghai municipal government to set up a factory in the region and expects to agree on a plan by the end of the year, but declined to comment on a report that a deal has been reached.

Meanwhile, the US government is heavily subsidizing electric vehicles.

The Wall Street Journal found that the electric vehicle maker Tesla Motors plans to build a manufacturing plant in Shanghai, China. Due to this, the country is the largest single market making a push for electric vehicles.

The company has reportedly reached an agreement with the Chinese government to construct a production facility in the free-trade zone located in Shanghai. In June, Tesla said it remains "committed to the Chinese market", and suggested that it was looking for other good manufacturing sites to produce for local markets. However, the tax credits don't benefit buyers of luxury cars which can cost more than $140,000 at Tesla. Earlier this year, Chinese technology titan Tencent Holdings made a sizable investment in Tesla, a partnership that may help the American company achieve a substantial influence in the Asian market.

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It was unclear if the Chinese government will conclude a deal with Tesla to coincide with U.S. President Donald Trump's visit next month.

So far, the electric vehicle maker has sold just 121,000 units, while production has jumped from 2,000 units five years ago to 80,000 last year.

Tesla is wrestling with production problems at its sole factory, in Fremont, California.

In August, Tesla said it would raise about $1.5 billion through its first-ever offering of junk bonds as it seeks fresh sources of cash to ramp up production of its new Model 3 sedan.

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