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Tesla inks deal to build Shanghai plant

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The deal marks the biggest overseas foray yet for Tesla, which is looking to expand into global markets.
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Shanghai Mayor Ying Yong (left) shakes hands with Tesla Inc CEO Elon Musk on Tuesday.

US electric carmaker Tesla has signed an agreement to build a plant capable of producing 500,000 vehicles per year in Shanghai, the city government said on Tuesday.

The deal marks the biggest overseas foray yet for Tesla, which is looking to expand on the global market.

Shanghai government announced the agreement to build a Tesla plant in the Lingang New City in Pudong.

It said Shanghai will provide full support to Tesla in the project involving manufacturing, research and development as well as sales business. The project is to drive up the development of the super-charging electric vehicle industry in the city.

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