Tesla to Build Gigafactory 3 in China

Tesla has struck an agreement with the Chinese government to build a Gigafactory 3 in Shanghai.

According to Elektrek, the new Shanghai factory will reach a production capacity of up to 500,000 units a year, making it the largest car manufacturing facility outside of the United States, with production scheduled to start in 2 years.

Last week, a signing ceremony was held for its "Cooperative Agreement", joined by Tesla CEO Elon Musk and municipal government officials, with Musk issuing a statement.

"Shanghai will be the location for the first Gigafactory outside the United States. It will be a state-of-the-art vehicle factory and a role model for sustainability. We hope it will be completed very soon. We've been impressed by the beauty and energy of Shanghai and we want our factory to add to that."

Now, Tesla is in the process of securing approvals for construction.

In subsequent tweets, Musk also vouched for Chinese innovation, claiming China's manufacturing prowess as being "more than 100 times faster than the US" while remarking on his 3-day visit and his thoughts on the Tesla China team.