2LT International News

SHANGHAI, China – In a bid to speed up plans to expand its operations in China, the U.S. electric carmaker Tesla Inc is confirmed to have registered a financial leasing company in the country. 

According to a local business registration filing, Tesla has opened a wholly-owned financial leasing unit in Shanghai’s free trade zone.

A filing with China’s National Enterprise Information Publicity System showed that the financial leasing unit has been opened by the California-based carmaker with a registered capital of $30 million.     

The documents show that Tesla’s boss in China, Zhu Xiaotong has been listed as the firm’s legal representative.

The scope of operations at the new unit include the purchase of leasing assets from both domestically and abroad to the handling of the residual value of leasing assets and their maintenance.

The operations at the new unit will also include consultancy and insurance of leasing transactions. 

Earlier this month, reports revealed that the company had opened a tender process to build its $2 billion Shanghai Gigafactory – which would be its first in China.

The reports came as the company aims to bolster its presence in the world’s biggest auto market.

Tesla is currently facing stiff competition from several domestic EV makers in China.