FWD plans joint venture in Shanghai as China relaxes regulation

FWD plans joint venture in Shanghai as China relaxes regulation”

The California-based automaker has reportedly submitted registration filings to establish a local entity known as Tesla Shanghai Co. Ltd, a wholly owned subsidiary of Tesla HK.

Tesla's Hong Kong division registered the new company with a capital of 100 million yuan ($15.8 million), the National Enterprise Credit Information Publicity System said on its website.

It was not clear if the new firm was related to the anticipated Shanghai plant.

U.S. media reports have speculated the Shanghai registration is a response to China's willingness to ease its foreign ownership restrictions for automotive factories. Amid pressure from the Trump Administration and lobbying from Tesla, CEO Elon Musk recently praised China for a "willingness to open their markets" and said he believed "they will do the right thing".

As per Electrek, the scope of the new company's business includes the basic wholesale, import-export, and electric auto display, but also is registered for technology development and transfer.

Tesla has set up a new wholly owned company in Shanghai, moving a step closer to producing its electric vehicles in China and establishing its first gigafactory outside United States shores.

Tesla sold 17,000 vehicles on the mainland a year ago, up 51.6 per cent from 2016, according to the China Automobile Dealers Association.

The Chinese government uses the term NEV to designate plug-in electric vehicles eligible for public subsidies, and includes battery electric vehicles (BEVs) and plug-in hybrid electric vehicles only.

The move follows an earlier report that Tesla would unveil the location of a new Chinese "Gigafactory" as early as next quarter. Plug-in-hybrid vehicle sales are booming in the country.

Presently, foreign new-energy vehicle makers are subject to a 50 per cent ownership cap in their mainland joint ventures.

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