(Yicai Global) Jan. 7 -- The share prices of Tesla suppliers in China boomed today after the electric carmaker broke ground on its Shanghai Gigafactory, its first ever overseas production facility.
Mold supplier Tianjin Motor Dies [SHE:002510] leapt by the 10 percent daily limit to CNY4.06 (60 US cents), die caster Ningbo Xusheng Auto Technology [SHA:603305] gained 4.3 percent to CNY32.44, VT Industrial Technology [SHE:300707] jumped 4.4 percent to CNY17.7 and Baolong Technology, which supplies valves, exhaust pipes and other systems, rose 3.9 percent to CNY20.89.
"Shanghai Giga will produce affordable versions of 3/Y for greater China," Chief Executive Elon Musk said on Twitter this morning, while breaking news of the groundbreaking. "All Model S/X & higher cost versions of Model 3/Y will still be built in US for WW market, including China."
The plant will produce 250,000 cars when it enters operation, local media outlet Pudong News reported, saying it would double output once it gets into full swing
Editor: William Clegg