12/10/2023 0 Comments Tesla china flood![]() Phase 1 of the project will manufacture Tesla Model 3 and Tesla Model Y cars, with a target production rate of 250,000 electric cars per year. Up to 60,541 square metres (650,000 sq ft) of the area can be used for non-production office buildings. The Land Transfer was scheduled to occur on 12 December 2018, and limits the maximum size of above-ground buildings to 1,729,770 square metres (18,620,000 sq ft) in area with a maximum height of 30 metres (100 ft). 14 with Tesla (Shanghai) required construction work to begin within 6 months, and be completed within 30 months, with production started after 36 months, and full minimum tax revenues being paid after 60 months. Tesla (Shanghai) was the only bidder, with its bid of 973 million Chinese yuan for the 50-year lease covering the 864,885-square-metre (86.5-hectare) site, with the capital coming from local Chinese banks. Tesla won the long-term lease for 86 hectares (210 acres) of land in Lingang, Shanghai on 17 October. The bidding process ran between 17‒26 October 2018, with the proviso that if there was only one bidder meeting the requirements by 11:30 on 17 October 2018, then the process could be closed and finalized early. On 26 September 2018, the bidding process for the newly acquired plots Q01-05 in the area designated as 04PD-0303 were advertised, with the restriction that the land be used for electric car manufacturing, with a minimum investment requirement. 090 was issued by Pudong New Area Planning and Land Administration, with a closing date for objections of 14 August 2018, and finalization scheduled to occur on 20 August 2018. On 8 August 2018, compulsory purchase order Shanghai No. ![]() The factory is also required to generate CN¥2.23 billion of annual tax revenues starting at the end of 2023. In exchange for the land grant and government support, Tesla was required to spend CN¥10.85 billion in capital expenditures per mǔ (per 666.7 m 2 or 7,200 sq ft) by the end of 2023, equating to a total minimum investment of CN¥14 billion ( US$2 billion). Having a factory in China also allows the company to avoid tariffs on vehicles imported from the U.S. The local Shanghai government granted Tesla a corporate income tax rate of 15% for 2019 through 2023, compared to the typical 25% rate in China. ![]() To finance the plant, Tesla received US$521 million in loans from Chinese banks at favorable interest rates, and US$82 million in grant funding. The government granted Tesla land use rights with an initial term of 50 years. While Tesla owns the factory, it does not own the land it is built on, as is typical in China. In part due to the good relationship Musk had built with the government, it was permitted to be structured as a wholly owned subsidiary of Tesla and not operated as a joint venture with a Chinese company, the first time the government had allowed such an arrangement for a foreign automaker. In July 2018 Tesla CEO Elon Musk signed an agreement with the Shanghai regional government to build its third Gigafactory, and the first in China. Tesla Shanghai Co., Ltd., a subsidiary of the electric automaker, was formally established. History Background and land purchase (2018) Tesla has land use rights with an initial term of 50 years. Unique among foreign automakers in China, the plant is wholly owned by Tesla and not operated as a joint venture with a Chinese company, the first time the government had allowed such an arrangement. In addition to the main vehicle assembly building, a smaller building opened on the site in 2021 to assemble Superchargers. As of July 2023, Tesla says the factory has the capacity to build over 750,000 vehicles per year and is the primary production site for Tesla vehicles exported to regions without a Gigafactory. The main plant currently manufactures the Model 3 and Model Y. Construction of the plant began in January 2019, initial production started in October, and the first production vehicles rolled out of the factory in December 2019, less than one year after groundbreaking. 'Tesla Shanghai Super Factory') (also known as Giga Shanghai, or Gigafactory 3) is an automobile manufacturing plant in Shanghai, China, operated by Tesla, Inc. Gigafactory Shanghai ( Chinese: 特斯拉上海超级工厂 lit.
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