Tesla just registered a new electric vehicle firm in China

Tesla just registered a new electric vehicle firm in China

Tesla is expected to soon announce its next Gigafactory in Shanghai, China, as new company registrations have been discovered.

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

Tesla, the biggest-selling electric carmaker in the United States, would not comment on its Chinese subsidiary on Monday. "Tesla is still inarguably the leader in electric cars, and its locally-built cars will attract more buyers".

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 Model 3 Dual Motor announcement

And German insurance giant Allianz said that it would set up a wholly owned holding company in Shanghai to oversee all its life and non-life business in mainland China, local financial authorities said last week.

China's relaxing of foreign automaker ownership is undoubtedly fueling Tesla's recent moves in Shanghai. Current rules capped foreign ownership at 50%, requiring Tesla to enter into a 50/50 joint venture with a Chinese partner-something Tesla CEO Elon Musk was unwilling to do as it looks to tap into the world's largest EV market.

In an earnings call earlier this month, Musk told investors that Tesla plans to announce the location of a gigafactory in China as early as in the third quarter of this year. Earlier this month, Tesla chief Elon Musk thanked Beijing for scrapping limits on foreign ownership of local electric vehicle firms.

The Palo Alto, California-based company has been working with Shanghai's government since past year to explore assembling cars in China. Plug-in-hybrid vehicle sales are booming in the country.

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