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Shanghai to speed up efforts to cancel foreign investment curbs in auto making

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REUTERS

Shanghai will accelerate efforts to cancel restrictions on foreign investment in the auto manufacturing sector, a government official said on Wednesday, a day after Tesla said it would build an auto plant in the city.

Huang Ou, the deputy director of Shanghai Commission of Economy and Information Technology, told reporters at a press conference that the government was also still working on how it could support the Tesla project.

Tesla Inc Chief Executive Officer Elon Musk on Tuesday landed a deal with Chinese authorities to build a new and wholly-owned auto plant in Shanghai, its first factory outside the United States, that would double the size of the electric car maker’s global manufacturing. — Reuters