- All indications are that Tesla (NASDAQ:TSLA) has the full support of the Shanghai government for its plan to manufacture at a wholly-owned local plant.
- "The next step is for the city government to do the support work to allow the project to go into operation as quickly as possible," stated Shanghai Commission of Economy and Information Technology Director Hunag Qu to reporters.
- "In line with state plans, we will speed up the cancellation of foreign ownership restrictions in the car manufacturing sector," he added.
- While shares of Tesla poked out a gain of 1.24% yesterday following the Shanghai news, it was locally-traded Chinese suppliers that made strong moves. Guangdong Wencan Die Casting, Shanghai Yongli Belting, VT Industrial Technology, Dongguan Eontec, Ningbo Xusheng Auto Technology and Shenzhen Kedali Industry all rallied, per Bloomberg quotes.
- Previously: Tesla sets up shop in Shanghai (July 10)
- Now read: Elon Musk Vs. The Media: Round 2 (Podcast)
Original article