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Tesla has made it clear that it plans to produce its electric cars in China in the near future. According to people near the stores, the automaker is about to buy the land for a new factory.

Bloomberg reported Wednesday that Tesla is the only bidder on a property in Shanghai where its first Chinese factory could be. The country is reported to cost $ 145 million, and the local government could assign the country to Tesla later this month. The automaker currently pays duties of up to 40 percent for every car it imports from the US to China. A local factory would waive tariffs and open up to the world's largest electric car market.

SEE ALSO: California Mulls Increase to Enumerate Electric Car Subsidies

The Chinese government's announcement that it will stop joint ventures in the future gives Tesla the chance. Previously, Tesla would have had to work with a local company to produce vehicles. However, the new regulations allow Tesla to own all of its Chinese operations.

However, the report claims that Tesla wants to raise part of the $ 5 billion needed to build the factory with local partners. When and when the factory goes online, Musk said the plant could produce 250,000 cars a year. Besides, it would be in addition to the current edition of the California plant.

Despite rosy words and promises Tesla has made after the production of the electric car model 3 still no profit. Where it will secure the funds for investment in the Chinese location is unclear.

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