BUSINESS- Electric car maker Tesla is all set to build a factory in Shanghai, China. This will be Tesla’s first ever factory outside the United States.
"Shanghai will be the location for the first Gigafactory outside the United States. It will be a state-of-the-art vehicle factory and a role model for sustainability. We hope it will be completed very soon," Tesla chief Elon Musk said.
Tesla intends to produce 500,000 vehicles within five years of the construction of the new factory. The firm also confirmed that the new factory will not affect its US operations.