China offers Elon Musk permanent residency

Larry Ellison’s Big Tesla Stake Is Mostly Old News

Elon Musk, who was in China to break ground at the site of a future Tesla "gigafactory" in Shanghai earlier this week, has been spotted enjoying some hot pot at one of Beijing's top hot pot restaurants.

Ellison's revelation comes as Tesla emerges from a rough patch.

Musk was seen eating at Qimen Shuanrou in the capital's Guijie area with singer Grimes, a former girlfriend, in videos that appeared on social media on Thursday.

Chinese Premier Li Keqiang has offered billionaire tech mogul Elon Musk a residence permit, the website of China's State Council, the country's chief administrative authority, confirmed on its website.

Tesla will strive to build the Shanghai factory into one of the most advanced factories in the world, and will localize the products according to the needs of the Chinese market to better achieve mutual benefit and win-win results, according to Musk. During the meeting, Musk expressed his affection for China, with Li responding by saying he could be granted permanent residency. Then a "China Green Card" might be on its way, Li replied.

Members of this club, according to the paper, include Dutch scientist Bernard Feringa, who won the 2016 Nobel Prize in chemistry, former National Basketball Association all-star Stephon Marbury, and Nobel-winning economist Robert Mundell. When completed later this year, the factory, the first Tesla plant outside the U.S., is expected to produce some 250,000 Tesla-brand electric cars per year, with that figure eventually rising to 500,000. Helping thaw frosty relations between the US and China, or getting the company's planned $5 billion plant outside Shanghai up and running by the end of the year?

Tesla is taking steps to start Model 3 production in China.

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