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Tesla rumored setting up gigafactory in Shanghai

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Tinuku ~ Tesla is looking to China to build gigafactory. Electric car company Tesla Inc. has owned a giant factory in Las Vegas to manufacture lithium-ion batteries for the latest Tesla Model 3. Not enough just to have the factory over there, Elon Musk's company is rumored to be eyeing China to create new factories.

Tinuku Tesla rumored setting up gigafactory in Shanghai

Tesla's CEO, Elon Musk, recently in a TED Talk presentation confirmed the company wants to build at least four gigafactories around the world. Analysts say it is likely that one of the locations of the high-tech company is located in China.

"I want to announce new factory between two and four giant factories later this year, maybe four," Musk said on stage.

Tesla does not currently say exactly about the location of factories that Musk says. But Tesla is looking at other locations in the United States, Europe and China. Previously, they claimed to actively explore the possibility of opening a factory in Shanghai.

"Tesla is very committed to the Chinese market and we continue to observe manufacturing locations around the world. We think Tesla's main production will remain in the United States. We also want to continue building local factories to ensure market availability," Tesla spokesman said.

China becomes a potential target market for all car manufacturers. Bloomberg said building a local factory in the country with the largest population allows Tesla to cut import tariffs by 25 percent.

Tesla Model S and Model X in China are more expensive than in the United States. The company headquartered in Palo Alto California earned US$1 billion from Tesla's car sales in 2016 only in China.

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