Beijing has given Elon Musk all that the US couldn’t: cash, concessions and cheap development costs. Tesla Inc.’s revenue from China accounted for about 11% of its total for the quarter ended September, up from 6% a year ago.
China has been production heaven for Musk. Tesla’s capital expenditure for the Shanghai factory declined 65% on a unit production capacity basis compared with its US manufacturing hub in Fremont, California, according to analysts at China International Capital Corp. The Shanghai plant was built in less than a year and can already produce more than 3,000 cars per week.
Sanhua shares have risen more than 70% in Shenzhen since the middle of last year, as made-in-China Teslas came closer to becoming a reality. Shanghai Baolong Automotive Corp., which provides tire-pressure monitoring systems, has seen a similar advance over the same period; Ningbo Huaxiang Electronic Co., a maker of rear-view mirrors, has climbed more than 60%.The auto sector accounts for only a small portion of Sanhua’s revenue.
Source: Car News Wire (carnewswire.net)
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