Auto supplier stocks jump on report Tesla to fully own plant in China

Auto supplier stocks jump on report Tesla to fully own plant in China

BEIJING — Auto suppliers’ shares jumped in Asian trading after the Wall Street Journal reported that Tesla reached an agreement with Shanghai’s government to build a fully owned manufacturing facility in the city’s free-trade zone. "As far as I know, there is no such agreement," Guo Lei, an official at Shanghai’s Economy and Information Technology Commission who is in charge of new-energy vehicle projects, said in a phone interview Monday. In a statement, Tesla reiterated that it’s working with Shanghai’s government to explore local manufacturing. Tesla Inc. signed a preliminary agreement with local authorities to produce cars in the […]