Tesla is nearing an agreement to produce cars in China, according to a report from Bloomberg.
The automaker would build facilities in the Lingang development zone of Shanghai, the report said. A local production effort would allow Tesla to avoid a 25 percent tax on vehicles, significantly lowering the price for consumers and helping Tesla expand on revenue that tripled to more than $1 billion last year. Key to the effort is securing a local partner and it’s unclear at this time who that would be.
According to the report, an announcement could come as soon as this week.