Before you read
Subject: Electric carmaker Tesla has signed an agreement with Chinese authorities to build a factory in Shanghai
Excerpt: English text from the archived bilingual edition · Chinese edition
Reference text and retained source material
Electric carmaker Tesla has signed an agreement with Chinese authorities to build a factory in Shanghai
It intends to be producing 500,000 vehicles within five years of construction, which is due to start in the "near future", the company said in a statement
The move will not have any impact on its US manufacturing operations, it said
The announcement comes after the US carmaker raised prices on some of its cars by about 20% in China, according to media reports earlier this week
Last week, the US slapped tariffs on $34bn worth of Chinese products, while China imposed retaliatory tariffs on several US goods, including cars
The trade dispute between the two economic giants escalated further on Wednesday, after the US listed $200bn worth of additional products that it plans to tax as early as September
Shanghai will be the location for the first Gigafactory outside the United States. It will be a state-of-the-art vehicle factory and a role model for sustainability. We hope it will be completed very soon, Tesla chief Elon Musk said
The company has faced some difficulties recently. At the same time, US carmakers in general have faced pressure to keep manufacturing jobs in the US
The electric carmaker posted a record quarterly loss of almost $710m for the three months to March - more than double the same period last year - adding to concerns about its financial viability
Language and reading: using this material
Compare wording, tone and information order across complete passages. Positions, prices, policies, exams and statistics retain their original context and should be verified before practical use.
