Elon Musk to launch Boring Company in China this month

Elon Musk will launch a China unit for the Boring Company, his tunneling company, later this month, the billionaire entrepreneur said on Twitter late Friday.

Musk made the announcement in response to one of his followers tweeting that the Boring founder and Tesla CEO will attend the World Artificial Intelligence Conference of 2019 in Shanghai, China between Aug. 29 and Aug. 31.

“Will also be launching The Boring Company China on this trip,” Musk said. 

In May, the Boring Company won its first commercial contract to build its first true mass transit system in Las Vegas, with plans to construct a mile-long project that would shuttle visitors from the convention center to the downtown area, the Las Vegas Boulevard Resort Corridor and even McCarran International Airport. Costs are estimated between $25 million and $55 million.

The California-based company raised about $117 million in its latest funding round in June from 20 unnamed investors after offering to sell about $120 million in equity, according to regulatory filings.

The news comes amid heightened trade tensions this week between the U.S. and China after President Trump slapped another 10 percent tariff on $300 billion worth of Chinese goods. On Friday, China vowed to retaliate with its own round of tariffs.