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.
A Tesla spokesperson said last month that construction would begin in the “near future” and the factory could begin manufacturing cars in roughly two years. The spokesperson added that the expansion to China will not affect Tesla’s operations in the U.S.
The expansion marks Tesla’s first move overseas, and officials from the company have said they hope to broaden its international presence even further with a factory in Europe.
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Tesla building $5 billion factory in China after retaliatory tariffs announced in response to Trump https://t.co/qR1jXQv7Up pic.twitter.com/SyY8fdjwur
— The Hill (@thehill) August 1, 2018
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