Shanghai could be the production hub for a $9 billion USD Tesla hub, according to sources who spoke to Bloomberg.
A company owned by the Shanghai government, Jinqiao Group, has reportedly signed a non-binding memorandum of understanding with the U.S.-based electric vehicle maker, said the source.
The deal would involve an investment of 30 billion yuan ($4.5 billion USD) from both Tesla and Jinqiao, totaling $9 billion USD. A majority of Jinqiao’s investment would be in securing the land for the facility, according to the report.
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