Finance

Ex-Tesla worker makes it official and blows the whistle to SEC

Ex-Tesla worker makes it official and blows the whistle to SEC

Shanghai will accelerate efforts to cancel restrictions on foreign investment in the auto manufacturing sector, a government official said on Wednesday, a day after Tesla (TSLA.O) said it would build a wholly owned auto plant in the city.

The factory will alter the geopolitical terrain of battery production.

However, under changes to subsidies for electric cars introduced previous year, the support is gradually phased out after a company has sold 200,000 vehicles.

Musk earlier had stated "Would love to be in India".

A Tesla spokesperson said the company expects construction to begin "in the near future", with production beginning roughly two years later and another three more years before it reaches full production.

Earlier it was reported that the electric vehicle will fire about nine percent of its staff to reduce costs and maintain the profitability of production of electric cars.

"I think that you'll see something similar to what they did in Nevada, with a partner like Panasonic", said Mr Kallo, referring to the gigafactory that Tesla and its Japanese battery-cell supplier operate along near Reno.

The deal was announced as Tesla raised prices on U.S. -made vehicles it sells in China to offset the cost of tariffs imposed by the Chinese government on U.S. imports in retaliation for U.S. President Donald Trump's heavier duties on Chinese goods. The category - which includes battery-powered, plug-in hybrid and fuel-cell automobiles - reached 777,000 units a year ago and could surpass one million sales in 2018, according to the China Association of Automobile Manufacturers. What was once a "wild card", China is now the most important market after the United States. China retaliated by imposing an nearly identical tariff, meaning Chinese consumers who want to own a Tesla will have to spend an additional $30,000.

CNBC first reported Tesla's troubles with the Fremont, California, factory suffering several fires.

Therefore, China is the largest overseas market for electric vehicles.

In an interview with Bloomberg published Friday, Tesla CEO Elon Musk said "we were huge idiots and didn't know what we were doing" when attempting to redesign Tesla's production process for the Model 3. The company also provided misleading information about the weekly production of its model 3 by pumping the figures by over 44%.


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