Tesla's Musk says Shanghai factory breaking ground

Tesla's Musk says Shanghai factory breaking ground

But despite what one might read in Elon Musk's Twitter feed, it's not yet the top dog. It marks a major bet by Tesla as it looks to bolster its presence in the world's biggest auto market where it faces rising competition from a swathe of domestic rivals and its sales have been hit by increased tariffs on US imports.

After four years of planning, Tesla Inc.is finally breaking ground on its $5 billion factory in the world's biggest auto market.

It is clear based on information from the official Chinese website of Tesla that customers are now allowed to order Model 3s on the site.

Tesla signed a preliminary agreement with the Shanghai government past year to build the 500,000-unit factory in the Chinese city.

Musk has said previously he would attend the event in Shanghai.

The carmaker, which now imports US-made vehicles to sell in China, is building the plant in an auto market that is set to contract this year for the first time in decades, though so-called new-energy vehicle (NEV) sales have been strong. The two sides have called a truce in their trade fight and are engaged in talks to cool tensions, with China temporarily scrapping a retaliatory 25 percent tariff on US -made cars starting January 1.

In China, the billionaire-entrepreneur faces a vehicle market that probably shrank past year for the first time in at least two decades as uncertainties surrounding the trade fight between the world's two biggest economies, signs of weakening domestic demand and a stock-market slump take their toll on consumers.

Griffin scores 26 to lead Pistons past Grizzlies
Grizzlies: Gasol has made a 3-pointer in 14 straight games, eclipsing the longest such streak of his career in December of 2017. Memphis (18-19) dropped below.500 for the first time since losing it season opener.

Lawyers for investors in this case said both she and her "current or former" friend, U.S. rapper Azealia Banks, were "in direct contact with Musk in the hours and days following the tweet" and might have evidence which was in danger of being destroyed because it was likely to be stored electronically, such as on social media.

If you thought that 2018's most batshit feud was over, THEN OH BOY, YOU THOUGHT WRONG, BUDDY, as over the weekend, Azealia Banks blew up at Elon Musk yet again, claiming that she has even more dirt to dish on the billionaire, and things could get "ugly".

"With the construction of the Shanghai factory, the faster the better (for Tesla)", Kang said.

The facility is expected to churn out about 250,000 vehicles annually at first - the Model 3 and the planned Model Y - and that capacity will double over time.

He has further detailed, that the electric auto maker is aiming to finish initial construction this summer, and will start Model 3 production by the end of year.

The new Gigafactory will produce Tesla Model 3 and the produce will be used to cater to Greater China region demands.

China is the largest market for electric vehicles, and most forecasters predict EV sales in the country will accelerate rapidly as the government drives toward a goal of 100 percent electric vehicles by 2030.

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