Shanghai (ZXZC)- Tesla signed an investment agreement on pure electric vehicle project with Shanghai Lingang Area Development Administration and Lingang Group on July 10. The American EV maker is planning to build the Gigafactory 3 there, which will be Tesla's wholly-owned subsidiary integrating R&D, manufacturing and marketing. Tesla plans to achieve an annual production capacity of 500,000 EVs at the Gigafactory 3, marking the largest foreign-funded manufacturing project in the history of Shanghai.

It is also revealed that Shanghai Municipal Government and Tesla had signed a memorandum of cooperation. What's more, Tesla (Shanghai) Co., Ltd. and Tesla (Shanghai) Electric Vehicle R&D Innovation Center were also launched simultaneously. 

According to the agreement, Shanghai will vigorously prop up Tesla to build a Shanghai-based subsidiary and an electric vehicle R&D innovation center, in order to help develop Shanghai's high-end manufacturing industry and enable the city to be a world-class auto industry center in the future.

Tesla (Shanghai) Electric Vehicle R&D Innovation Center, a crucial part of Tesla's global R&D system, will actively help transform the innovative technologies of EVs into profits.