![]() ![]() Tesla reported a drop in first-quarter earnings this year, with the company undertaking a series of price cuts in the face of competition from other automakers. It has also acted as a major catalyst for a revolution in transportation, with much of the industry’s innovation efforts moving away from the internal combustion engine towards electric vehicles.Įven with that success, Musk has fallen short of some of his outsized goals. Tesla has recently hit its stride after years of losses, scoring an impressive string of earnings records as it has added factories and ramped up production. The new factory, which will have an initial capacity of 10,000 Megapack units per year, is expected to “start production in the second quarter of 2024”, according to state news agency Xinhua. The battery factory announced in April will be Tesla’s second plant in Shanghai after Gigafactory, which broke ground in 2019. On Tuesday, Qin and Musk discussed relations between China and the United States, according to Beijing, with the Chinese foreign minister saying the two countries should “apply the brakes in a timely manner to avoid dangerous driving”. Musk’s ties to China have raised eyebrows in Washington, with US President Joe Biden saying in November the executive’s links to foreign countries were “worthy” of scrutiny. Musk said in response “Tesla opposes ‘decoupling and breaking chains’, and is willing to continue to expand its business in China”, according to the ministry’s readout. Qin told Musk China was “committed to creating a better market-oriented, rule-of-law-based and internationalised business environment” for foreign enterprises, his ministry said on its website. Beijing: Elon Musk met Foreign Minister Qin Gang in Beijing on Tuesday, the ministry said, as the Tesla CEO embarks on his first trip to China in more than three years.Ĭhina is the world’s biggest electric vehicle market and Tesla announced in April it would build a second massive factory in Shanghai.
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