Tesla Said to Be Close to Model 3 Approval for Europe Sales

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It is manufactured in China on-Board computer for the new sedan Model 3, according to Tesla, the "brain of the vehicle".

Tesla Chief Executive Elon Musk says the company will break ground on Monday for its Shanghai Gigafactory where it will begin making Model 3 electric vehicles (EV) by year-end.

Elon Musk's lawyer is hoping to prevent Tesla shareholders from bringing the company CEO's former romantic partner into a lawsuit related to his disastrous tweet about taking Tesla private.

"Looking forward to today launch the construction of a plant for the production of Tesla in Shanghai!", - said the businessman. Musk wrote in a post on Twitter.

The Shanghai factory will be Tesla's first production line outside the United States.

The pair, who reportedly were hanging out at Musk's California mansion as the surreal August events unfolded, may "have information bearing on the veracity of Musk's tweet", according to court papers filed by the plaintiffs.

China raised the import tariff on US-made cars to 40 percent in July, but cut it back to 15 percent from the start of this year as part of a ceasefire in a trade war with the United States.

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A local plant will help Tesla lower prices in the market to compete with a new generation of local rivals including Nio, Byton and XPeng Motors.

Tesla doesn't report its US sales on a monthly or quarterly basis like all other major automakers in the market, so it's hard to tell how much ground the company is actually gaining on Mercedes or BMW on American soil.

"Affordable cars must be made on same continent as customers", Musk said in another tweet.

Shares of Tesla rebounded more than 2 percent in morning trading on Friday after it became clear that the electric vehicle giant plans to deliver Model 3s to buyers in China in March.

The facility is expected to churn out about 250,000 vehicles annually at first - the Model 3 and the planned Model Y - and that capacity will double over time.

The CA based Electric Vehicle maker frim, has been targeting to accelerate sales in China, which was hit hurt by the impact of trade conflict between Beijing and Washington.