Tesla signs an MoU to build a manufacturing plant in Shanghai

Many industry watchers have called the Apple Car the worst-kept secret of the Silicon Valley.

Tesla Inc on Tuesday signed a memorandum of understanding with the Shanghai government that includes plans to build a plant in the Chinese city with an annual capacity of 500,000 cars, the Shanghai government said.

The Shanghai government made the announcement on its official WeChat account which showed a picture of Tesla Chief Executive Elon Musk shaking hands with Shanghai Mayor Ying Yong.

In more recent news concerning Tesla, the US carmaker has hiked prices on its Model X and S cars by about 20 percent in China becoming the first automaker to do so in the world's top automotive market in response to mounting trade tensions between the countries.

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