Elon Musk during a recent low-profile trip to China. Source: Xinhua Twitter account

Elon Musk is stepping up efforts to tap the Chinese electric car market, with news coming out this week that Tesla will start up manufacturing presence in China.

Shares were are up 1.16% as of 10:40 am EST, after the Bloomberg report was released last night.

A formal announcement of the deal is expected as soon as sometime this week, though details are still being worked out, according to sources close to the matter.

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