Tesla Inc is near to an agreement to manufacture its electric cars in China. Company aims to have better access to the world’s biggest auto market, Bloomberg detailed referring to individuals relevant to the matter.

An agreement with the city of Shanghai would allow Tesla to build its facilities in Lingang development zone and could come as soon as this week, the report said.

The electric carmaker, whose revenue from China tripled to more than $1 billion last year, would need to set up a joint venture with at least one local partner under existing rules, Bloomberg reported.

Tesla was not immediately available for comment.

In March, Tencent Holdings Ltd, China’s biggest internet company, bought a 5% stake in Tesla for $1.8 billion.

 

Credits : Bloomberg

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