Tesla invests $680 million into Gigafactory 3 in China

Sina Finance reports that Tesla Shanghai has registered a capital increase to 4.67 billion yuan (US$680 million.)

In May 2018, Tesla (Shanghai) got a business license and TESLA MOTORS HK LIMITED was the wholly-owned shareholder. The legal representative is Zhu Xiaoyu, President of Tesla China. The main personnel include Zhang Jing, Todd Andrew Maron and Marc Jesus Cerda. On July 10th, Tesla signed an agreement with Shanghai Lingang Management Committee and Lingang Group to build a special investment in R&D, manufacturing and sales in the Lingang area. Pull the super factory.

The super factory (gigafactory 3) is called the “Dreadnought”. It will be Tesla’s first gigafactory outside the US. It will have an annual production capacity of 500,000 units. Tesla said it will inject $2 billion into the factory by borrowing from local banks in China.