Electric auto producer Tesla says it will build its first factory outside the United States in Shanghai.
The former Tesla employee who was sacked and then sued by the electric vehicle automaker has filed a formal whistleblower tip to the U.S. Securities and Exchange Commission alleging the company has misled investors and put its customers at risk. What was once a "wild card", China is now the most important market after the United States.
It is unclear if the phase-out will affect sales of the entry-level Model 3, which carries a $35,000 price tag but is not likely to begin rolling off the production line until next year. "We hope it will be completed very soon".
While tax credits have helped boost electric-vehicle demand in the US, they remain only 1.1percent of the market.
According to Teslarati, a multi-platform company with a focus on everything that Musk has, vehicle production at "Gigafactory 3" would start two years after its construction begins.
Until about a month ago, Tripp worked at the Tesla Gigafactory battery plant in Reno, Nevada, but he was sacked and subsequently accused by the automaker of committing sabotage in a lawsuit Tesla filed in federal court. As Tesla wrote in an annual report filed with the US Securities and Exchange Committee in February, its customers get the full $7,500. "It happens to be that now is when you have the trade altercation going on".
And its announcement said nothing about how it will pay for the venture. Yeah, I've been sleeping on the factory floor, not because I think that's a fun place to sleep. After the full year, the company's customers are no longer eligible for that tax credit.
Tesla announced in June it was cutting nine per cent of its workforce, or nearly 4,000 jobs, in an effort to boost profitability. On July 2, the company said it had made 5,031 Model 3s during the final week of June and 28,578 during the second quarter, more than it had made in the prior three quarters combined.
"If foreign automakers develop and build electric vehicles in the country, its domestic industry has the chance to absorb new, advanced technologies, helping China transform from a mere market into an automaking heavyweight", a report added.