Tesla just registered a new electric auto firm in China

A Tesla Model S car at its showroom in Beijing China. The US firm has registered a new company in the world's biggest car market. Kim Kyung-Hoon  Reuters

Tesla just registered a new electric auto firm in China

Bloomberg reports that a new business licence has been approved for a company registered by Tesla's set-up in Hong Kong.

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

Tesla now imports all the electric vehicles it sells in China from the United States.

Apparently contradicting the speculation in USA media reports, however, Chinese news outlet Sina claims Tesla's Shanghai entity is focused on import/export and technology development instead of vehicle manufacturing.

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Tesla is preparing to set foot on Chinese soil as the country begins lifting a cap on foreign ownership of domestic auto ventures.

Tesla sold 17,000 vehicles on the mainland previous year, up 51.6 per cent from 2016, according to the China Automobile Dealers Association. It has other wholly-owned firms registered in China focused on sales and research and development. The only shareholder is Tesla Motors HK Limited.

United States electric auto maker Tesla has registered a new company within Shanghai's Free Trade Zone, as China prepares to scrap its limits on the foreign ownership of new-energy vehicle (NEV) ventures. Current rules capped foreign ownership at 50%, requiring Tesla to enter into a 50/50 joint venture with a Chinese partner-something Tesla CEO Elon Musk was unwilling to do as it looks to tap into the world's largest EV market.

Tesla was in talks with the Shanghai municipal government on building a factory at Lingang New City a year ago, but the negotiations did not come to fruition due to differences on the ownership structure.

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