Tesla announces deal for Shanghai factory


Associated Press

Electric car producer Tesla says it will build its first factory outside the United States in Shanghai.

Tesla says an agreement signed Tuesday with a Shanghai city government agency calls for construction to start in the near future. It says production would begin three years after that and eventually increase to 500,000 vehicles annually.

China is the world’s biggest electric vehicle market. Automakers are investing heavily to develop models to appeal to local customers.

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