Tesla sets up wholly-owned subsidiary in Shanghai
2018-05-15 11:03:00

Salesman introduces Tesla Model X car on the Auto Expo. On April 28th, the seventh China (Tianjin) International Automobile Industry Exhibition was held in Meijiang Convention and Exhibition Center./VCG Photo

SHANGHAI - US electric vehicle maker Tesla has set up a wholly-owned subsidiary in Shanghai, the latest effort to penetrate the Chinese market.

Tesla received the business license for its subsidiary from the market regulation bureau of the Pudong New Area on Thursday, according to the National Enterprise Credit Information Publicity System.

The newly-established subsidiary registered capital of 100 million yuan ($15.8 million). The only shareholder is Tesla Motors HK Limited.

Source: Xinhua Editor: Hiram