Shanghai government says Tesla to open plant in the city

SHANGHAI (Reuters) - 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.