US electric car manufacturer Tesla has reached a preliminary deal with the Shanghai Municipal Government to set up a new vehicle factory in the city, reports The New York Times.

 

《纽约时报》报道，美国电动汽车生产商特斯拉与上海市政府达成初步协议，将在上海建造一座新汽车工厂。

 

This will make Tesla the first foreign car maker¹ to have a wholly-owned manufacturing facility in China.

 

Tesla plans to set up its manufacturing operation in the Lingang Economic Development Zone, which is located in the Pilot Free Trade Zone in Shanghai.

 

The New York Times is reporting the auto² maker will be able to cut its production costs and gain a larger share of the fast-growing electric vehicle market in China.

 

China is currently the world's largest new energy vehicle market.

 

A source close to the agreement says Tesla hopes to complete the deal by the end of this year.

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