Tesla May Soon Announce A Gigafactory In Shanghai

First production model of Tesla Model 3 out the assembly line is seen in this undated handout

According to a filing with the National Enterprise Credit Information Publicity System, Tesla Motors HK Limited has registered the wholly owned company with a paid-up capital of 100 million yuan (US$15.8 million).

The office did not give further details of the partners or disclose the shareholder structure of the planned joint venture, but according to reports in The Shanghai Securities News and the South China Morning Post, it is reported that FWD would take 51% of the venture, the maximum China would now allow under the new policy introduced by the Chinese government recently. Ltd., which is listed as the sole shareholder of the new Shanghai-flagged corporation.

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A representative for Tesla China wasn't able to comment immediately. That is not almost enough to build a factory, but a start nonetheless.

Tesla refused to build a factory in China unless the regulations were eased to allow full control of factories by foreign owners.

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The business scope of the new company includes technology development, as well as the import and export of electric cars and components.

Tesla sold 17,000 vehicles on the mainland a year ago, up 51.6 per cent from 2016, according to the China Automobile Dealers Association. Current rules capped foreign ownership at 50%, requiring Tesla to enter into a 50/50 joint venture with a Chinese partner-something Tesla CEO Elon Musk was unwilling to do as it looks to tap into the world's largest EV market. During the company's most recent earnings call Musk suggested a formal Chinese factory announcement could come as soon as the third quarter of this year.

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Beijing has set an ambitious target, whereby new-energy vehicles will account for a fifth of total sales by 2025.

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