Tesla Registered Shanghai Firm with Capital of 100 Million RMB

Tesla Inc. registered a new car firm in Shanghai with 100 million RMB from the solo shareholder of TESLA MOTORS HK LIMITED, the Tencent Auto reported.

SEE ALSO: Tesla Sales Double in China, Exceeding $2B in 2017

The new company, Tesla (Shanghai) Co., Ltd. was granted a business license issued by the Market Supervision Administration of Pudong New Area, Shanghai, according to the filing published by National Enterprise Credit Information Publicity System on May 10.

Tesla (Shanghai) Co., Ltd. will focus on the electric car production, covering the technology development, services, consulting, transfer in the field of electric vehicles.

Its business also includes parts, batteries, energy storage equipment, photovoltaic products,and import and export business, and provide related supporting services, electric vehicle display and product promotion.

A recent report read that Tesla and Panasonic are expected to establish a joint new factory in China to produce electric vehicles and lithium batteries.

SEE ALSO: Elon Musk: Tesla’s Second Gigafactory will be Built in China

“Tesla could in the future launch full-fledged production in China, and we could produce jointly,” as Reuters quoted Kazuhiro Tsuga, Panasonic’s CEO, saying during the company’s earnings call.

Elon Musk, CEO of Tesla said in his twitter in mid-March that “Tesla will be profitable & cash flow+ in Q3 & Q4, so obviously no need to raise money.”

By adjusting the production line to speed up production, Tesla has been gradually improving productivity. In Q1 of this year, Tesla delivered nearly 30,000 new vehicles, setting a record high of Q1 delivery. Among them, there are altogether 11,730 Model S, 10,070 Model X and 8,180 Model 3. Net orders for Model S and Model X were at an all-time Q1 record compared to previous years.

In addition, there were 2,040 Model 3 models and 4,060 Model S and Model X models in transit at the end of the quarter, ready for delivery to customers. This figure is 68 percent higher than the end of Q4 of 2017. Delivery of the above vehicles will be completed by the beginning of Q2.

In Q1 of 2018, Tesla produced 34,494 vehicles, 9,766 of which are Model 3, and 24,728 are Model S and Model X, achieving a 40% increase compared with last quarter, which makes it the most productive quarter in the history of the company. The production of Model 3 has increased exponentially, achieving a fourfold increase compared with the previous quarter.