Chinese firm denies agreement with Tesla to build factory

A Shanghai company denied a report that its controlling shareholder signed a non-binding agreement with Tesla Motors Inc. to build a factory in Shanghai, according to the firm's exchange filings.
Shanghai Jinqiao Export Processing Zone Development Co. said its parent company, Jinqiao Group, had not signed an agreement of any kind with the U.S. automaker, in response to a Bloomberg report that the two sides had signed a memorandum of understanding.
A Tesla spokesman declined to comment on the Bloomberg report earlier on Tuesday.
Tesla currently exports cars to China, making them subject to stiff taxes, but CEO Elon Musk has previously said the company was negotiating with the central government to produce cars in China.
The spokesman confirmed that Tesla was talking to various parties about local production but declined to elaborate.

Source:Automotive News China

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