Shanghai emerging frontrunner for Tesla's China production: Bloomberg

(Reuters) - Tesla Motors Inc (NASDAQ: TSLA) is eyeing Shanghai for its China production base in an investment that could be worth about $9 billion, Bloomberg reported.

Tesla has signed a non-binding agreement with Shanghai government-owned Jinqiao Group for the production base, Bloomberg reported on Monday, citing a person familiar with the matter.

Jinqiao and Tesla may invest about $4.5 billion each in the partnership, with the Chinese group putting up land for most of its share, Bloomberg reported.

Tesla and Jinqiao were not immediately available for comment.

Suzhou and Hefei are among the other Chinese cities vying for the project, according to the report.

(Reporting by Sudarshan Varadhan in Bengaluru; Editing by Kirti Pandey)

---

Serious News for Serious Traders! Try StreetInsider.com Premium Free!

---

You May Also Be Interested In

• Tesla launches six-seat Model Y in US and Puerto Rico
• Vessel forced out of New York ship parade over 'politically charged' banners
• Trump offers to help Putin find deal with Ukraine, also speaks with Zelenskiy