Elon Musk says Tesla will design future car in China for global market

Elon Musk says Tesla will design future car in China for global market

Elon Musk, chief executive officer of Tesla Inc., speaks during a ceremony at the company’s Gigafactory in Shanghai, China, on Tuesday, Jan. 7, 2020.

Qilai Shen | Bloomberg | Getty Images

Tesla CEO Elon Musk said the company will design a future car in China for the global market.

The electric car company founder said Tesla would open a design and engineering center in the world’s second-largest economy. He did not specify any timelines.

Tesla also confirmed that it would start work on a production program for its Model Y crossover vehicle in its Shanghai Gigafactory, the only production factory outside of the U.S. Production for its Model 3 — a sedan that was announced before the Model Y back in 2016 — only started in October in the Shanghai factory.

Musk made the announcements as he delivered the first Model 3 cars out of the Shanghai factory to the public.

“We intend to continue making a significant investment and increasing the investment in China, making the Model 3 and the Model Y and future models also in China,” Musk told an audience in Shanghai.

“Something that would be super cool … So we’re going to do it … is to try to create a China design and engineering center to actually design an original car in China for worldwide consumption. I think this will be very exciting,” he added.

China is seen by analysts as a critical market for Tesla but it faces a number of challenges from cooling electric vehicle sales to increasing competition.

Still, the company has produced positive news with a profitable third quarter of 2019 and fourth-quarter vehicle delivery numbers that topped Wall Street estimates. Shares of the firm hit a record high of $454 last week.

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