Elon Musk confirms plan to make new Tesla Model Y in its Shanghai factory

China is the world’s largest EV market and accounts for more than half of the global EV sales last year. 

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Premium electric carmaker Tesla is going to manufacture its latest vehicle Model Y in its new Shanghai factory, company founder Elon Musk said on Thursday at a press conference in California, where he revealed the new vehicle model.

Musk said the new Shanghai factory, which is expected to be completed by the end of this year, is going to be “really important for making affordable versions of the Model 3 and Model Y for the greater China market,” according to Xinhua.

China is the world’s largest electric vehicle (EV) market and accounts for more than half of the global EV sales last year.

Tesla announced its plan to build China’s first wholly foreign-owned car plant in Shanghai last July, despite the ongoing Sino-US trade tensions.