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Tesla sets up financial leasing business in China

Tesla Inc. has established a wholly owned financial leasing unit in Shanghai, Reuters reported Dec. 27, citing filings from China's National Enterprise Information Publicity System.

According to the report, the new company with a registered capital of $30 million will perform leasing and consultancy duties.

The move, which is seen as the company's latest bid to accelerate its Chinese plans, comes weeks after Tesla opened a tender process to construct its Shanghai Gigafactory.

The California-based electric vehicle maker declined to comment, Reuters said.

Tesla told S&P Global Market Intelligence in July that it expects to produce as many as 500,000 vehicles annually in China within two to three years after the Shanghai factory goes online.