The cash-strapped Tesla is building a Chinese factory.
Tesla said Tuesday it signed an agreement to build a factory in China to make its electric cars.
The news comes days after the automaker has had to raise prices 20 percent in China to respond to import tariffs.
Tesla said it expects construction to begin “in the near future, after we get all the necessary approvals and permits.” From there, it will take about two years before Tesla can start making cars, and another two to three years before the factory is fully ramped up to its capacity of 500,000 cars.
Shares of the company climbed nearly two percent Tuesday morning.
Here is a full statement from Tesla:
