15 May '18, 8pm

Tesla Registers New EV Firm in China

Tesla has registered an electric car firm in Shanghai, China. According to a National Enterprise Credit Information Publicity System filing, the company was registered on May 10. It will focus on electric cars, auto parts, and batteries, listing Teslas Motors HK Limited as the sole shareholder, with Tesla’s region head Zhu Ziaotong as its representative. Its latest move seeks to protect its competitive advantage in light of China’s recent announcement loosening foreign ownership caps of new energy vehicle companies in the region by 2022. Former rules called for foreign ownership to be capped at 50 percent to protect China’s interests. It also reduces the number of high import tariffs paid by American automakers for producing outside of the country. ALSO SEE: Toyota to Introduce 10 New Electrified Vehicles in China by 2020 This year, Tesla CEO Elon Musk expressed criticisms...

Full article: http://www.hybridcars.com/tesla-registers-new-ev-firm-china/

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Richemont sees sales growth from Mainland China

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