Tesla to Invest 70.7 Billion KRW in Shanghai, China to Build Electric Vehicle Charging Station Factory

[Image source=Reuters Yonhap News]

[Asia Economy Reporter Kwon Jae-hee] On the 26th, major foreign media reported that the US electric vehicle company Tesla will operate an electric vehicle charging stand factory in Shanghai, China next year. This is an additional investment following the establishment of an electric vehicle production plant.

According to the reports, Tesla stated in documents submitted to the Shanghai municipal authorities that it will invest a total of $64 million (approximately 70.7 billion KRW) to establish an electric vehicle charging stand factory near Gigafactory 3. Electric vehicle charging stands are typically installed at electric vehicle charging stations and parking lots.

Previously, Tesla built its first overseas factory, 'Gigafactory 3,' in Shanghai last year and is producing the 'Model 3' electric vehicle there.

Tesla plans to complete the Shanghai electric vehicle charging stand production factory in February next year, and the factory will have the capacity to produce 10,000 electric vehicle charging stands annually.

The Tesla electric vehicle charging stands used in China are currently imported from the United States.

Tesla's decision to operate an electric vehicle charging stand factory in Shanghai is interpreted as a strategy to increase sales in the Chinese market.

China is the world's largest electric vehicle market, and Tesla sold about 13,000 electric vehicles in China last month.

The Shanghai factory, Tesla's global market entry base, produced 150,000 Model 3 vehicles this year. Last month, Model 3 vehicles produced at this factory began to be exported to Europe.

Tesla plans to produce the new 'Model Y' electric vehicle at the Shanghai factory starting next year.

This content was produced with the assistance of AI translation services.