CHECK OUT: After Tesla's federal tax credits expire, which electric auto would you buy?
Tesla Chief Executive Elon Musk last week put blame on a wait for government approval in Norway, its largest market after the United States and China, for not being capable to move faster in addressing increasing complaints from consumers.
According to Tripp, the board Tesla used to alert workers at its Fremont, California assembly plant grossly overstatement actual production figures.
"A note from 24-7 Wall Street said the USD2.7 billion in cash on Tesla's balance sheet at the end of the first quarter hardly seems like enough", but the company likely would not have trouble raising funds in China.
Under a major tax overhaul passed by the Republican-controlled U.S. Congress late previous year, financial incentives in the way of tax credits that lower the cost of electric vehicles are available for the first 200,000 such vehicles sold by an automaker. It's built a total of about 88,000 vehicles through the first half of this year. However, additional purchase incentives are available in a dozen states. It would double the size of the electric vehicle maker's global manufacturing. But the policy goal was to make EVs more accessible, and that meant wealthier people investing and benefitting early so that costs could come down for everyone else.
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"Today, we have signed a Cooperative Agreement for Tesla to start building Gigafactory 3, a new electric vehicle manufacturing facility in Shanghai", a Tesla statement sent to the media read, adding that they are expecting construction to begin as soon as they secure all the necessary documents and permits.
Neither Tesla nor GM have said if they have plans to reduce the upfront prices of their cars as the credits wind down. Producing cars in China would eliminate risks from tariffs and other import controls.
But the announcement comes at a sensitive time US-Chinese trade relations. "Incredibly impressed with Tesla China team & potential for the future", Musk further tweeted.
The Model S sedan and Model X sport-utility vehicle can each cost more than $100,000. This allegation of the worker is one more blow to the company. It also simplifies the supply chain, Gupta pointed out. Putting the factory closer to the market will shorten that process and potentially avoid logistics delays.