A Tesla Model 3 electric on display at the China Auto Show 2018. Photo: AFP

Tesla has officially received a business license from the Market Supervision Bureau in Shanghai, though the electric vehicle maker has not yet responded to the rumor about setting up a factory there, The Paper reported.

According to the business information, the registration capital of Tesla’s Shanghai company is 100 million yuan (US$15.77 million).

The business scope covers technical development, services, consulting, and transfer in the field of electric vehicles and spare parts, batteries, energy storage equipment, and photovoltaic products, including the wholesale, commission proxy service, import and export business of those products, as well as electric car product promotion.

Previously in November last year, the founder and CEO of Tesla, Elon Musk, said Tesla’s planned plant in China may focus on manufacturing the Model 3, known as the popular version of Tesla, and the upcoming Model Y, with a planned annual production capacity of several hundred thousand units.

Tesla said that manufacturing lower-priced models that are closer to the market in China can ensure local purchasing power.

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