Tesla planning to design 'Chinese-style' cars at China-based research center

Tesla is planning to build  "Chinese-syle" cars at a China-based design and research center, a Wednesday notice on the automaker's official WeChat account said.

Continue Reading Below

The notice, which called for applications for jobs at the new center to be submitted by Feb. 1, did not include a specific location in China for the center or when it would be in operation, Reuters reported.

Stocks in this Article

TSLATESLA INC.
$559.61
-25.15 (-4.30%)

"In order to achieve a shift of 'Made in China' to 'Designed in China,' Tesla’s CEO Elon Musk has proposed a very cool thing — set up a design and research center in China," the notice read, according to Reuters.

The carmaker's activity in both the U.S. and China has been successful in recent weeks.

Just months after Tesla opened its plant in Shanghai in October, its Model 3 vehicle began rolling off assembly lines and started selling faster than expected — after a $7,000 price drop.

NEW TESLA REGISTRATIONS DOWN ALMOST 50% IN CALIFORNIA

Tesla founder Elon Musk also announced a Model Y electric sports utility vehicle program at the Shanghai plant last week, when he attracted lots of media attention after dancing on stage.

Elon Musk reacts at a delivery ceremony for the first Tesla Model 3 cars made at Tesla's Shanghai factory in Shanghai, Tuesday, Jan. 7, 2020. (Ding Ting/Xinhua via AP)

The automaker stock hit a new high Monday morning after receiving another price-target hike from Wall Street.

CLICK HERE TO READ MORE ON FOX BUSINESS

Shares crossed the $500 level for the first time, putting further pressure on short-sellers, after the New York-based investment bank Oppenheimer raised its price target to $612 a share, the highest among Wall Street banks.

CLICK HERE TO READ MORE ON FOX BUSINESS

FOX Business' Jonathan Garber contributed to this report.