Shares of Tesla were rallying overnight, up more than 2 per cent, after a report said the electric-car maker was planning to build a factory in China that could produce 500,000 vehicles a year. That would double Tesla’s production and likley bring new opportunities for ASX-listed battery metals producers.
Bloomberg’s report, which cites people familiar with the plans, says Tesla will sign a memorandum of understanding with the local government in Shanghai.
“Construction will begin soon after approvals and permits are secured, and the first vehicles will roll off the line within roughly two years,” Bloomberg reported.
It would take another two to three years for the factory to reach its capacity to build about 500,000 vehicles annually. Read More
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