Tesla Building $5B Factory In China: Report

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Tesla Inc. is reportedly building a $5 billion factory in China with help from local partners.

The electric car maker is planning to raise some of the funds for the factory from partners in China, Bloomberg reported on Wednesday, which will help ease the carmaker’s financial burden.

Tesla announced initial plans to build a factory in China last month after Beijing raised duties on auto imports from the U.S. to 40 percent. China is the second-largest market for Tesla, according to Bloomberg.

Read more at The Hill.

{Matzav.com}

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