Tesla to retire these versions of Model S, X vehicles

Larry Ellison Invests $1B In Tesla

Larry Ellison Invests $1B In Tesla

The SEC accused Musk of intentionally making "false and misleading" statements about Tesla's privatization plans. Visit MarketWatch.com for more information on this news.

"We hope you can get a firm foothold and expand the market", Li told Musk Wednesday.

Tesla Motors chief executive Elon Musk dined at a hotpot restaurant in Beijing, a day after he received an offer of permanent Chinese residency from Premier Li Keqiang. However, Chinese green cards are notoriously hard to obtain.

If he really does receive his Chinese green card, Musk will join the likes of Nobel Prize-winning chemist Kurt Wuethrich, Nobel Prize-winning chemist Feringa Bernard Lucas, and, of course, basketball star Stephon Marbury.

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Dropping the entry-level Model X may also push buyers who want a more affordable electric luxury SUV to Tesla's new competition.

The factory in Shanghai will be producing the more affordable versions of the company's Model 3 and Model Y vehicles for sale in the Greater China region.

Li congratulated Musk on construction of the multibillion-dollar facility, which began three months after the maker of America's bestselling electric cars secured the land at an industrial zone in Lingang.

'We think with the resources here we can build the Shanghai Gigafactory in record time and we're looking forward to hopefully having some initial production of the Model 3 towards the end of this year and achieving volume production next year, ' Musk said at the event. As per trusted sources, the stake purchase makes Ellison the second-biggest individual investor of Tesla after CEO and co-founder Elon Musk. China and the USA also just wrapped up three days of talks to resolve trade disputes, and officials from both nations have expressed optimism that progress has been made.

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