>> 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.
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.
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.
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.