Wednesday, July 11, 2018

Elon Musk Announces China Tesla Plant After Paying Lip Service to Trump’s Trade Campaign

 Elon Musk - CEO of Tesla, SpaceX, and the Boring Company, and Chinese president/emperor Xi Jinping.

Tesla announced Tuesday the embattled electric car company plans to build a factory in Shanghai, dramatically increasing its notoriously constrained production capacity.

CEO Elon Musk said the plant, whose plans have reportedly been in the works for a year, would eventually have an annual production capacity of 500,000 cars, adding that he hoped it would be “completed very soon.”

A joint announcement released by Shanghai’s government said a preliminary agreement had been signed to build the plant in the commercial hub’s Lingang district.“Shanghai will be the location for the first Gigafactory outside the United States,” said Musk. “It will be a state-of-the-art vehicle factory and a role model for sustainability. We hope it will be completed very soon.”

The announcement has raised questions about how the new facility will be paid for. Tesla benefits from millions in U.S. government subsidies and has been burning through billions of dollars as it has struggled to raise the rate of production of its more “affordable” Model 3 car. At the end of the first quarter, the company had just $2.7 billion of cash on its balance sheet.

More @ Breitbart

6 comments:

  1. This guy is sleazy, Brock. He is an ultra Libtard, aka Progressive Melomaniac Glitter Turd Polisher. This is the guy that claims you can pick up his policies and projects by the clean end. It is always about him, whilst he lines his pockets with our tax dollars.

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    Replies
    1. Thank you as I know little about him.

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    2. Indeed.

      Shyster advertises 'electric cars' when they are actually nuke, coal, or natural gas fired cars...

      ...unless charged up on football field size solar panel arrays.

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  2. With the US factories loosing massive amounts of money he has to peddle his utopia to China to fleece them as much as he has fleeced the US market.

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