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Manufacturing · TMT
Tesla Shanghai increased investment in China to USD 0.68 bln to expand sales and business scope
CKN
2018/09/10 10:27:15
2,311

Sep 10, 2018 (China Knowledge) - Shanghai Administration for Industry & Commerce’s report reveals that the registered capital of Tesla (Shanghai) has increased from RMB 100 million to RMB 4.67 billion, with aim to expand of business scope.

When Tesla (Shanghai) received the business license in May this year, the business scope of Tesla has included electric vehicles and parts, battery, energy storage equipment, technology development, technology service, technology consultation and technology transfer.

Recently, the company’s business has further expanded to the manufacturing of key parts of new energy vehicles, including batteries, motor management system, electronic control integration and engines for new energy vehicles.

As the world's largest auto market, Chinese contributed about 17% to Tesla's total revenue in 2017, with sales of 15,000 vehicles a year.

Last Friday Tesla's shares made its biggest intraday drop in two years, closing at a five-month low, with its bond yields approaching 8.9%.

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