Tesla sets up Shanghai firm as it expands China presence

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The wholly owned subsidiary of Tesla US got its business license from Pundong New Area's market regulation bureau.

What's more, China continues to become an increasingly important market for electric vehicle manufacturers and in the past year, EV sales have increased by 149 per cent.

According to a filing with the National Enterprise Credit Information Publicity System, Tesla Motors HK Limited has registered the wholly owned company with a paid-up capital of 100 million yuan (US$15.8 million).

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Tesla is expected to soon announce its next Gigafactory in Shanghai, China, as new company registrations have been discovered.

The new Tesla will focus on manufacturing electric vehicles, batteries, energy storage equipment, photovoltaic products as well as spare parts.

Tesla Inc (TSLA.O) has registered a new electric auto firm in Shanghai, as China prepares to scrap rules on capping foreign ownership of new-energy vehicle (NEV) ventures.

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Additionally, the auto maker will then be able to avoid the high import tariffs that China imposes - especially on USA made cars.

Tesla's aspirations to build a factory in China has been well-known. It also operates in Macau, Thailand, Indonesia, the Philippines, Singapore, Vietnam and Japan and has 2.7m customers in Asia, according to its own statistics.

Analysts have said the main beneficiaries of looser ownership rules would be NEV makers like Tesla, which has been keen to maintain control of its own plant and protect its technology rather than cede a 50 percent share. The formation of this company comes shortly after Elon Musk said Tesla was edging closer to an announcement regarding a Chinese factory.

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The move follows an earlier report that Tesla would unveil the location of a new Chinese "Gigafactory" as early as next quarter.

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