Tesla to break ground on Shanghai factory

Tesla to break ground on Shanghai factory

Tesla boss Elon Musk said the electric car-maker would break ground Monday on a Shanghai factory that will allow it to sell direct to Chinese consumers and avoid tariffs from the China-US trade war.

Tesla CEO Elon Musk also tweeted his excitement for the event this morning.

This latest round of drama started when it was reported that Banks might be called to testify in a lawsuit brought against Musk by the Securities and Exchange Commission, after his controversial remarks about taking Tesla private.

Elon Musk has today announced via Twitter, that Tesla will go ahead with its accelerated plans to set up the China Gigafactory, with the groundbreaking scheduled to happen within the next few hours.

The shareholders' motion references reports that Musk was in the presence of Grimes and Banks about the time he posted the tweet that sparked a total shitshow and led to Musk resigning as Tesla's chairman and a $US20 million ($28 million) SEC fine.

Electric carmaker Tesla's first plant outside the U.S., the Gigafactory 3 in Shanghai, is about to begin construction.

A local plant will help Tesla lower prices in the market to compete with a new generation of local rivals including Nio, Byton and XPeng Motors.

Global stocks soar on dovish Fed, strong United States jobs data
But some investors have anxious that that process could push long-term rates higher at a time when the economy was slowing. The message was heard on Wall Street, where major stock indexes surged about 3.5 percent to a more than two-week high.

Online ordering for Tesla cars in China has started and the configurator is quoting first deliveries in March 2019. The deadline of reduced tariff would end on March 2nd, and after that, the tariff on United States made autos on China would revert back to 40 percent, instead current 15 percent.

Lawyers for investors in this case said both she and her "current or former" friend, U.S. rapper Azealia Banks, were "in direct contact with Musk in the hours and days following the tweet" and might have evidence which was in danger of being destroyed because it was likely to be stored electronically, such as on social media.

The new Gigafactory will produce Tesla Model 3 and the produce will be used to cater to Greater China region demands.

If you thought that 2018's most batshit feud was over, THEN OH BOY, YOU THOUGHT WRONG, BUDDY, as over the weekend, Azealia Banks blew up at Elon Musk yet again, claiming that she has even more dirt to dish on the billionaire, and things could get "ugly".

Last month, Deputy Secretary of the Municipal Party Committee and Mayor of Shanghai Ying Yong stated that Tesla "basically completed land leveling and is about to start construction" at Gigafactory 3.

Kristy went on to ask the judge to deny the request from the investors, calling it "rank speculation" to assume that Grimes would know anything about Musk's Tesla plans.

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