• 3 minutes Oil Price Could Fall To $30 If Global Deal Not Extended
  • 8 minutes Why Is America (Texas) Burning Millions of Dollars Per Day Of Natural Gas?
  • 11 minutes Is $60/Bbl WTI still considered a break even for Shale Oil
  • 15 minutes CNN:America's oil boom will break more records this year. OPEC is stuck in retreat
  • 1 hour The Pope: "Climate change ... doomsday predictions can no longer be met with irony or disdain."
  • 1 day Hormuz and surrounding waters: Energy Threats to the World: Oil, LNG, shipping markets digest new risks after Strait of Hormuz attack
  • 1 hour Greenpeace claims one oil rig is "pushing the world closer to a climate catastrophe"
  • 19 hours Russia removes special military forces from Venezuela . . . . Maduro gone by September ? . . . Oil starts to flow ? Think so . .
  • 6 hours The Latest: Iranian FM Says US Cannot Expect To ‘Stay Safe’
  • 2 days As Iran Nuclear Deal Flounders, France Turns To Saudi For Oil
  • 1 day The Magic and Wonders of US Shale Supply: Keeping energy price shock minimised: US oil supply keeping lid on prices despite global risks: IEA chief
  • 1 day Never Knew Gasoline Prices were this important!
  • 24 hours Plants are Dying
  • 5 hours Emmissions up, renewables nowhere
  • 1 day We Are Better Than This
  • 3 hours Middle East on brink: Oil tankers attacked off Oman
  • 1 day (Un)expectedly: UK Court Sets Assange U.S. Extradition Hearing For February 2020
A Watershed Moment For Gazprom

A Watershed Moment For Gazprom

The Kremlin’s push for reform…

The Top 50 Oil & Gas Companies Of 2019

The Top 50 Oil & Gas Companies Of 2019

The playing field for global…

Tesla Boosts Registered Capital For Chinese Factory

Tesla assembly line

Tesla has recently increased the registered capital of its Chinese subsidiary that would be running its planned manufacturing facility in Shanghai to the equivalent of US$680 million, Chinese media report.

Tesla has raised the registered capital of its Chinese unit from US$14.6 million (100 million yuan) to US$680 million (4.67 billion yuan) and expanded the scope of the subsidiary to include production, sales, and maintenance of EVs and parts, battery management systems, and high-power electronic devices, Electrek reports, quoting Beijing Business Daily.

Early in August, reports had it that Tesla started hiring personnel for its gigafactory in China, looking to hire 14 people, all in senior managerial and operating positions.

The China factory, to be built in Shanghai, will be Tesla’s first production facility outside the United States. The EV maker signed the deal for the construction project with the Shanghai authorities in July. The factory is expected to double Tesla’s electric car production, beginning in two years.

The peak annual turnout of the Shanghai factory will be half a million Teslas and the same amount of battery packs, to be achieved two to three years after the launch of production, Tesla said in July after the signing of the deal with Shanghai authorities. This will put it basically on par with Tesla’s original factory in Fremont, California.

While initially, investments in the China factory were estimated at US$5 billion, Tesla said in early August the facility will actually cost much less: just US$2 billion, as CEO Elon Musk told investors during the conference call for the company’s second-quarter financial results.

At home, Tesla and its shares have been under pressure with Musk’s erratic behavior over the past month. Musk said in early August that he would take Tesla private, only to backtrack on that proposal two weeks later.

Last week, Musk smoked marijuana on a live video interview, after which Tesla’s stock tumbled, also due to the resignation of Chief Accounting Officer Dave Morton, who is quitting after just one month on the job.

Also on Friday, Musk sent an email to employees, informing them of a number of management changes, including that “Tesla’s Chief People Officer Gaby Toledano has been on leave for a few months to spend more time with her family and has decided to continue doing so for personal reasons.”

By Tsvetana Paraskova for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage

Leave a comment

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News