Tesla's arrival to drive foreign investment in Shanghai
The arrival of Tesla's super factory will help attract more foreign-funded advanced manufacturing companies to land in Lingang area, Shanghai, said Wu Xiaohua, deputy director of the Lingang Development Administration.
The super factory project announced in July 10 by the US-based electric vehicle manufacturer is Shanghai's largest ever foreign investment in the manufacturing sector. The factory is expected to produce 500,000 electric cars a year.
Its arrival will also bring opportunities to the domestic auto accessory industries, as it will use auto parts and functional facilities provided by local companies.
Lingang area, in southeastern Pudong, is planned to be a world leading advanced manufacturing industrial cluster composed of companies from the automobile, aviation, and ship equipment industries.
Particularly, there are plans for foreign investment-funded further development in Lingang in the fields of the manufacture of new energy vehicles, aircraft engines, and vessel engines.
Another driving force for foreign investment in Shanghai's manufacturing sector is the newly-released 100 measures to expand the city's opening up, by the local government.
With its convenient transport links and advantageous location next to the sea, the area had brought in more than 400 industrial projects by the end of 2017.
Model X, the first electronic sports utility vehicle produced by Tesla, a US electric vehicle manufacturer that announced to land a super factory in Lingang, Shanghai, on July 10. [Photo/chinanews.com]
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