US vehicle maker Tesla opened a subsidiary in Shanghai

Beijing. May 16. Silkroadnews - U.S. electric vehicle maker Tesla has set up a wholly-owned subsidiary in Shanghai, the latest effort to penetrate the Chinese market, People’s Daily Online reports.
Tesla obtained a business license for its subsidiary from the market regulation bureau of the Pudong New Area.
The recently established subsidiary registered capital of 100 million yuan ($15.8 million). The only shareholder is Tesla Motors HK Limited.
The company’s activities include the development and transfer of technologies in the field of electric vehicles, auto parts, batteries, equipment for energy storage and photovoltaic products, as well as wholesale trade and import and export of such products.
In April China announced this year it would abandon restrictions on the number of share-holding limits for foreign investors in new energy vehicles field, the report reads. The country also pledged to reduce tariffs on imported cars.
Earlier, the Shanghai Municipal Commission on Economy and Information Technologies stated that Tesla and the government fruitfully cooperate and will continue the discussion of the opening of the Tesla plant.
Reportedly, Tesla’s global revenue for 2017 grew 67% to almost $12 billion.