Tesla Kicks Off Delivery of China-Made Vehicles

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In case you missed it, Tesla CEO Elon Musk awkwardly danced his way onstage at a Model 3 event at the brand's Shanghai plant yesterday. In a tweet, he labelled the video "NSFW" - not safe for work.

Tesla broke ground on January 7, 2019 on its first overseas factory in Lingang Area, a high-end manufacturing park in the southeast harbor of Shanghai.

Tesla's Shanghai factory delivered its first cars to customers Monday and chief executive Elon Musk said the electric automaker plans to set up a design center in China to create a model for worldwide sales.

He also said the company plans to form a design-and-engineering center in China so that Tesla can eventually develop a brand new vehicle from there. The company lost $1.1 billion in the first half of the year.

The Tesla Model 3 offers performance with longevity and is at the premium end of the electric vehicle market.

In fact, the market cap of Tesla is now above General Motors ($49.4 billion) and Ford ($36.6 billion) combined ($86 billion).

In his speech during the event, the Tesla CEO said, "We intend to continue making a significant investment, and increasing the investment in China, making the Model 3 and the Model Y and future models in China". "I want to drive my Tesla when we visit my folks for the Lunar New Year", said the man, who in November left a 20,000 yuan ($2,880) deposit on the vehicle, slated to arrive in mid-January.

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Tesla plans to boost production capacity to 500,000 a year after the following phase, though it isn't clear when exactly Tesla expects to achieve those goals.

"Tesla has all the features of premium brands, and its products including battery performance have been proven".

SMMT new auto registration data placed the Tesla Model 3 as the third most purchased new vehicle in August 2019.

As a benchmark for NEVs, the Model 3 will help drive the innovation and upgrading of domestic suppliers, according to a report by Minsheng Securities.

36 percent of shares were being sold short in May but many Tesla short sellers continued to retain their stock adamant that shares of the company will soon plunge.

Tesla Shanghai factory is now fully operational and it has made the delivery of their cars earlier than the given schedule. Musk, 48, also elaborated on previously announced plans to produce the upcoming Model Y crossover at the plant.

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