9/7, 10:29 AM (Source: TeleTrader)
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Tesla registers $1M subsidiary in China - report

Tesla Inc. will open a new sales and service company in Kunming, the capital city of China's province Yunnan with a startup capital of $1 million, Tianyancha reported on Monday.

The registered capital will cover the sales of both new and used electric vehicles, as well as charging and other services. The Silicon Valley giant plans to open stores in 45 cities across China to cover the 10% sale revenue that comes from cities that don't have a dedicated department.

Previously, it was reported that the Californian based company will start the production of its Model Y in China by early 2021.

Breaking the News / AM