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Tesla sets up new company in China

Tesla Inc. has established a wholly owned company in Shanghai, the Nikkei Asian Review reported May 15, citing Chinese authorities.

The electric car maker reportedly registered the new unit on Monday after it won official approval on May 10.

Tesla Shanghai, which will be based in the city's Pudong New Area district, has a capital of 100 million yuan and owned by Tesla Motor HK, the Nikkei said.

According to the report, the move makes it possible for Tesla to produce electric vehicles and develop batteries in mainland China. The expected factory will likely produce core components like motors and house vehicle assembly, similar to Tesla's plant in Nevada, the report added.

As of May 15, US$1 was equivalent to 6.38 Chinese yuan.