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00:00:01
>> Made in China Teslas are finally on their way. CEO Elon Musk on Tuesday, inking a major deal with Chinese authorities to build a plant in Shanghai. The company's first outside of the US, and one that could give Tesla bigger access to the world's top auto markets. Musk himself was in Shanghai to sign the deal, welcomed by the local government, as China pushes to attract electric automakers, as it works to clear its air pollution.
00:00:32
Reuters correspondent, Alexandria Sage.>> The big question is, of course, where is Tesla going to find the money to build this enormous factory? This is a factory that would be a 1 billion or a 2 billion investment to make 500,000 cars per year. This takes time, and of course, money.
00:00:52
Tesla is still money losing. It has not made a yearly profit ever in its history.>> The deal comes as Tesla just hiked its car prices in China by about 20% to cope with higher tariffs from a trade war between Beijing and Washington. Although Musk was talking about building in China well before Trump's trade war.
00:01:15
Tesla says it plans to produce the first cars about two years after construction begins on the Shanghai factory.