Tesla Looks At Making Russia a Manufacturing Hub, Elon Musk Says

Tesla chief Elon Musk said the electric car maker was working to set up manufacturing facility in Russia. Reuters said in a report that Tesla is exploring options of opening factories in Russia.

Musk was speaking at an event in Russia via video link. Tesla currently has manufacturing facilities in China and the United States.


Setback in China

However, on Friday, it was also reported that Tesla was facing fresh troubles in China. It has been reported that Chinese government offices have said Tesla's electric cars are not allowed in their compounds. China has long harbored suspicions that Tesla cars are used as a tool to spy the country.

The Hindustan Times reported that the Chinese government offices made the decision to ban Tesla cars due to security concerns over cameras placed inside the Tesla electric vehicles.

Elon Musk
Elon Musk Wikimedia Commons

Tesla CEO Elon Musk had tried earlier to placate China, saying that Tesla cars do not pose any threats to China. China had also barred Tesla cars in military complexes as well.

Beijing's crackdown on Tesla came despite China being Tesla's second biggest market outside United States with more than 30 percent of the company's global sales come from the Asian country.

Meanwhile, Musk underscored that the production of new Tesla Model S Plaid would begin at the company's California factory. "Tesla Model S Plaid delivery event June 3 at our California factory. Fastest production car ever 0 to 60mph in under 2 secs", Musk wrote on Twitter.

Record Earnings, Share Crash

Tesla, which makes electric cars, battery energy storage from home to grid-scale, solar panels and solar roof tile, and other similar products, reported record earnings in April, only to see the shares drop since then. Analysts believe that the company's failure to make a specific vehicle delivery estimate for 2021 may have been one reason

Despite recording record profits in the first quarter, the company's stock has been on a falling streak. After hitting an all-time high of $883 by the end of January, the stock has now lost as much as 35 percent since then.

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