Elon Musk denies deal for a Tesla joint-venture in China, and maybe he will not need one
Earlier this month, Bloomberg came out with a report claiming that signed a “non-binding memorandum of understanding” with Jinqiao Group, a Shanghai government-owned company, to invest in a $9 billion electric vehicle factory in the region. At the time, Tesla didn’t comment on the report, but now CEO Elon Musk denies that a deal was signed:
@mashable We haven't signed anything for a factory in China
— Elon Musk (@elonmusk) June 27, 2016
Earlier this year, Musk confirmed that the automaker plans on securing a location and a local partner for a manufacturing facility in China by the middle of the 2016, but now we learn that there’s a possibility that Tesla will not have to create a partnership as the government is exploring the a lift of the cap on joint-ventures for automakers.
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