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Tesla Breaks Ground on Factory in China

According to a report on Seeking Alpha, Tesla (NASDAQ:TSLAbroke ground on its Chinese Gigafactory where it plans to mass produce Model 3 and Model Y electric vehicles.

“We think with the resources here we can build the Shanghai Gigafactory in record time and we’re looking forward to hopefully having some initial production of the Model 3 towards the end of this year and achieving volume production next year,” Elon Musk stated at the event.

The local Gigafactory is the first wholly-owned car plant in China operated by a foreign company.

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