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Tesla hikes registered capital, widens business range for Shanghai subsidiary
Automotive News China | 2018/9/11

Tesla Inc. padded the capital base and expanded the business scope of its wholly owned Shanghai subsidiary in a bid to turn the unit into a full-fledged EV production and sales company.

The U.S. electric-vehicle maker raised the subsidiary¡¯s registered capital to 4.67 billion yuan ($681 million) from $100 million, according to information disclosed with the Shanghai Administration of Industry and Commerce. 

It has also widened the subsidiary¡¯s operations to include the production and sales of EVs and key components such as management systems for batteries and electric motors as well as control systems.

When incorporated in May, the subsidiary¡¯s business was restricted to the development of EVs and related components, energy storage systems and solar panel products. 

In July, Tesla signed an agreement with the Shanghai municipal government to establish an assembly plant in the city that can produce up to 500,000 EVs annually.

When releasing his company¡¯s mid-2018 financial results in August, Tesla CEO Elon Musk estimated it would cost $2 billion to build the plant.

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