Tesla sets up Shanghai company

Updated 2018-05-15 10:15:02

U.S. electric car company Tesla Motors Inc established a wholly owned subsidiary in Shanghai on Thursday.

The registered capital is 100 million yuan (.78 million) and its shareholder is Tesla Motors HK, according to information from the National Enterprise Credit Information Publicity System on Monday.

The subsidiary's business covers technological development and technical services for electric cars, batteries and related products, as well as imports and exports.

Panasonic Corp could jointly produce batteries with Tesla in China, Chief Executive Kazuhiro Tsuga said at an earnings briefing on Thursday in Tokyo.

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