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Year-ender: 10 highlights in China's foreign investment

govt.chinadaily.com.cn Updated: 2019-12-30

Tesla's $7b Shanghai plant begins trial production

This photo taken on Oct 18, 2019, shows a birdview of the Tesla Gigafactory under construction at the Lin-Gang Pilot Free Trade Zone in Shanghai, China. [Photo/IC]

Tesla Shanghai gigafactory, the largest foreign-invested manufacturing project in Shanghai, broke ground in Shanghai’s Lingang area in January this year.

The gigafactory, with a total investment of 50 billion yuan ($7.25 billion), will have a production capacity of 500,000 units in two to three years. The first phase of the factory, with an initial investment of 16 billion yuan, aims at an annual production of 250,000 units of Model 3 and Model Y electric vehicles.

Tesla said the Shanghai gigafactory is already producing full vehicles on a trial basis ahead of schedule, from body and paint to general assembly. The factory is said to be 65 percent cheaper to build than the Model 3 production facility in the United States.

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