Tesla clinches deal to build new factory in China

Tesla clinches deal to build new factory in China

But if the details of the WSJ report are borne out, Tesla will become the first foreign automaker to open a factory in China without a joint-venture with a domestic company.

(TSLA) has reached an agreement to set up its own manufacturing facility in Shanghai, the wall street journal reported citing to people familiar with the plan.

There have been reports that Tesla is thinking about setting up a manufacturing facility in China and if a new report is to be believed, Tesla has finally signed off on a deal to build an electric vehicle manufacturing plant in Shanghai.

If the deal is in place, it could be the ticket to igniting Tesla's Chinese sales - and the company as a whole.

Tesla has refused to comment so far on the topic, but instead has redirected questions to its official comment in June when the company said it planned to "clearly define" its manufacturing plans in China before the end of this year.

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The agreement allows Tesla to have an independent presence and position in China which could help ensure affordability in a market which is working to cut its carbon emissions and already beginning to phase out sales of fossil fuel vehicles.

Back in June, Tesla confirmed that it was in discussions with the Shanghai municipal government about the prospect of opening a local manufacturing facility to serve the Chinese market. Shanghai is China's de facto automotive capital and a significant market for luxury vehicles of all kinds. Tesla has struck a deal to build a factory in Shanghai and not receive such a negative impact on its own profit.

It was unclear if the Chinese government will conclude a deal with Tesla to coincide with US President Donald Trump's visit next month.

A Tesla Model S being manufactured at the Tesla Factory in south Fremont, California.

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