Tesla Inc. has reached a preliminary agreement with the Shanghai government to build a factory that’ll rival production from its lone U.S. assembly plant, as Elon Musk takes his biggest step yet to expand overseas. The electric-car maker’s planned capacity for the factory is 500,000 vehicles a year, the Shanghai government said in statement. Bloomberg reported earlier that Musk, Tesla’s CEO, would be in the city for an event with the government on Tuesday. A Tesla representative in China didn’t immediately respond to a request for comment.
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