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A Design And Research Center In China To Be Opened By Tesla To Make "Chinese-Style" Vehicles


01/16/2020


A Design And Research Center In China To Be Opened By Tesla To Make "Chinese-Style" Vehicles
The United States based electric car maker Tesla wants to make "Chinese-style" vehicles and will be opening a design and research center in China for that purpose, The company made the announcement in a recruitment notice on its official WeChat account.
 
According to the recruitment notice that was published earlier this week sought to hire employee for designing and for other purposes who would help to fulfill the goal. The company asked for applications by February 1. However the company did not disclose the location of the design and research center in the notice.
 
"In order to achieve a shift of 'Made in China' to 'Designed in China,' Tesla's CEO Elon Musk has proposed a very cool thing -- set up a design and research center in China," the recruitment notice read.
 
However there was no information about when the design and research center would start its operations.
 
Last year, Tesla had started work on building its first production facility outside of its home country of United States in the eastern city of Shanghai. The company has already started production and has begun delivering its Model 3 vehicles this month.
 
The facility that was built as a cost of $2 billion was used by Musk last week to launched a Model Y crossover vehicle program.
 
That week, Tesla also made history by reaching a market valuation of almost $89 billion which was more than the combined market capitalization of General Motors and Ford for the first time in the history of the company.
 
The last jump in the stock price of the Silicon Valley electric-car maker was 5 per cent last Wednesday as it closed at a record price of $492.14 per share. This spike in value of stocks increased its market capitalization to almost $89 billion which was $2 billion more than the combined market valuation of General Motors and Ford – which have a market capitalization of $50 billion and $37 billion respectively.
 
Over the past three months, the stock price of Tesla has increased by more than double its previous value driven by an unexpected profit announced by the company in the third quarter, good progress of production of cars being made at its new Giga factory in Shanghai in China and the very encouraging and better than expected deliveries of cars by the company made during the fourth quarter.
 
The construction of its plant in China was aimed to increase the presence of Tesla in the largest electric car market of the world while also trying to avoid the import tariffs on US made products by China as a part of the US-China trade war.
 
Production in the Shanghai plant started in October this year. Tesla has set a target of manufacturing 250,000 vehicles a year at the facility following the addition of production of the Model Y in the initial phase. The company representative said that the company will deliver cars to the first 15 customers on December 30 – all of whom are Tesla employees. That delivery means that the Shanghai Tesla plant will be able to start delivering of cars in just 357 days since the construction of the factory began. That will be a new record for global automakers in China.
 
The price of Tesla cars made in China will be at 355,800 yuan or $50,000 before subsidies. The company has said that it wants to start delivering cars to waiting customers before the start of the Chinese New Year which start on January 25.
 
(Source:www.autonews.com)


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