Tesla has confirmed it’s in talks with the Chinese government to open a factory in the Shanghai region, as the company aims to fulfill a promise by its CEO Elon Musk to produce 500,000 cars a year by 2018.
The official confirmation, which was provided in an emailed statement, puts to rest months of speculation that Tesla was going to open a factory in the world’s largest automotive market.
The electric automaker and energy storage company said it expects to “more clearly define its plans for producing electric vehicles in China by the end of the year.” The news of the talks was first reported by Reuters.
