Tesla Signs Investment Agreement with Shanghai for Gigafactory 3

Tesla has signed an investment agreement with Shanghai Lingang Area Development Administration and Lingang Group to build a wholly-owned Gigafactory 3 focused on research and development, manufacturing, and sales of electric vehicles in Lingang region. The project plans to produce 500,000 electric vehicles annually, which is the largest-ever foreign investment project in manufacturing in Shanghai.

According to the memorandum of cooperation signed by Shanghai Municipal Government and Tesla, Tesla (Shanghai) Limited and Tesla (Shanghai) Electric Vehicle R&D Innovation Center were unveiled simultaneously with the signing of the agreement.

Shanghai will actively support Tesla in establishing a subsidiary and an electric vehicle R&D innovation center in Shanghai that integrates research and development, manufacturing, and sales to promote the transformation of innovative technology achievements, accelerate the globalization process, promote the development of Shanghai’s high-end manufacturing industry, and build a world-class automobile industry center to provide strong support for becoming a globally outstanding city and achieve win-win cooperation.

The Tesla (Shanghai) Electric Vehicle R&D Innovation Center, an important part of Tesla’s global research and development system, focuses on electric vehicle R&D innovation and will actively promote the transformation of innovative technology achievements in electric vehicles.