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Transcript

00:00:00
>> Hello, everyone.>> China has made further moves to open up its car market. And Tesla's Elon Musk took the wheel at a ceremony for the company's future plant, China's first wholly foreign owned car factory.>> We think with the resources here that we can build the Shanghai Gigafactory in record time.
00:00:17
And we're looking forward to hopefully having some initial production of the Model 3, this vehicle. Towards the end of this year and achieving volume production next year.>> Tesla hopes producing cars locally will help minimize the impact of a trade war. Which has seen a rise in tariffs on cars imported from the US.
00:00:36
But the car marker is building the $2 billion plant in an auto market that likely contracted last year for the first time in decades. Not that Musk was letting that rain on his parade.>> One day somebody could join as a junior engineer here at Tesla Shanghai Giga, and, ultimately, maybe have my job one day.
00:00:55
So we are looking for the very best people to join.>> As China edges away from combustion engines, Tesla will be fighting off competition from a swathe of domestic EV startups. Such as NIO BYTON, and XPeng Motors.
00:01:09
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