In its latest effort to penetrate into the Chinese market, US electric vehicle maker Tesla has set up a wholly-owned subsidiary in Shanghai.
Tesla received the business license for its subsidiary from the market regulation bureau of the Pudong New Area on Thursday, Xinhua quoted the National Enterprise Credit Information Publicity System as saying on Monday.
The newly-established subsidiary registered capital of 100 million yuan ($15.8 million). The only shareholder is Tesla Motors HK Limited.
The firm’s businesses include technology development and transfer in the fields of electric cars, auto parts, batteries, energy storage equipment and photovoltaic products, and wholesale and import and export of such products. Read More