TESLA TO SET UP PLANT IN SHANGHAI

Tesla will build a battery and automobile factory in Shanghai, its first wholly owned plant outside the US. The goal is to produce 5,00,000 electric vehicles a year, thus doubling the firm’s global production. The deal came in the wake of the US-China trade war and the consequent rise in prices. BMW, too, will move part of its production to China and increase the prices of US-produced cars as the new tariffs make production more costly.