Chinese Tesla Gigafactory: initial developments suggest Shanghai factory

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According to that filing, the new company will focus on electric cars, spare parts, batteries, and solar photovoltaic products.

Tesla, the biggest-selling electric carmaker in the U.S., would not comment on its Chinese subsidiary on Monday.

A man looks at a Tesla Model S vehicle at its showroom in Beijing, China January 29, 2014.

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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The Street reports that the electric automaker recently established Tesla Shanghai Co.

Specifically, Tesla China has setup a wholly-owned subsidiary in Shanghai with about $15.8 million in capital, according to Bloomberg.

The announcement of the Shanghai firm came after China in April announced that it would to open up its manufacturing sector, including scrapping ownership limits for foreign automakers.

Tesla now imports all the cars it sells in China from the United States. They also said that all automotive restrictions in terms of foreign ownership would be done away with by 2020.

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Tesla has long fought to maintain complete control of its own plants and protect its in-house technology. In fact, it looked like Elon Musk's gamble on China was going to fail.

Tesla just registered a new electric auto firm in China, where it boasts 24 stores, 114 supercharging stations and 348 regular charging stations. Now, Tesla has announced that it would unveil the location of its own Gigafactory in China.

Despite money problems and high production costs, Tesla's global revenue grew more than 67% to nearly $12 billion previous year.

The Palo Alto, California-based company has been working with Shanghai's government since previous year to explore assembling cars in China.

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