Elon Musk, chief executive officer of Tesla Inc., speaks during a ceremony at the company’s Gigafactory in Shanghai, China, on Tuesday, Jan. 7, 2020.
Qilai Shen | Bloomberg | Getty Images
TeslaCEOElon Musksaid the company will design a future car in China for the global market.
The electric car company founder said Tesla would open a design and engineering center in the world’s second-largest economy. He did not specify any timelines.
Tesla also confirmed that it would start work on a production program for its Model Y crossover vehicle in its Shanghai Gigafactory, the only production factory outside of the US Production for its Model 3 – a sedan that was announced before the Model Y back in – only started in October in the Shanghai factory.
Musk made the announcements as he delivered the first Model 3 cars out of the Shanghai factory to the public.
” We intend to continue making a significant investment and increasing the investment in China, making the Model 3 and the Model Y and future models also in China, “Musk told an audience in Shanghai.
) “Something that would be super cool … So we’re going to do it … is to try to create a China design and engineering center to actually design an original car in China for worldwide consumption. I think this will be very exciting,” he added.
China is seen by analysts as a critical market for Tesla but itfaces a number of challengesfrom cooling electric vehicle sales to increasing competition.
Still, the company has produced positive news with aprofitable third quarter of 2019and fourth-quarter vehicle delivery numbersthat topped Wall Street estimates. Shares of the firm hit a record high of $ 454 last week.
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