The Securities and Exchange Commission, which ended up fining Musk and Tesla $20 million each over the August 7 tweet, as well as removing Musk as chairman and forcing the addition of two independent directors to the board, found in a probe that Musk's relationship with Grimes played a role in setting the price he said he would ask for Tesla.
Tesla's Shanghai venture comes as U.S. companies face pressure from President Donald Trump to keep manufacturing jobs at home, and as Beijing and Washington persist with a trade spat that has seen both sides levy tariffs on hundreds of billions of dollars of products.
Tesla announced plans in July to build its first factory outside the United States in China, the biggest electric vehicle market, despite trade tension between Beijing and Washington.
Miffed Tesla investors, who are suing both Musk and the company, counter that subpoenas of Grimes and Banks are necessary because of the close proximity the singers had to Musk in the days and weeks surrounding the incendiary tweet.More news: Enes Kanter to miss Knicks’ London trip for fears of assassination
A local Chinese plant may be crucial for Tesla, which is struggling to stave off a potential dip in demand in the USA, its biggest market, after reductions in federal tax credits for EVs.
If you thought that 2018's most batshit feud was over, THEN OH BOY, YOU THOUGHT WRONG, BUDDY, as over the weekend, Azealia Banks blew up at Elon Musk yet again, claiming that she has even more dirt to dish on the billionaire, and things could get "ugly".
Tesla signed a preliminary agreement with the Shanghai government previous year to build the 500,000-unit factory in the Chinese city.
Analysts have said production in China would allow Tesla to avoid such tariffs, which already have caused a spike in the price of the cars that Tesla now imports to the Chinese market.More news: Brazil to move embassy to Jerusalem: Bolsonaro
"Aiming to finish initial construction this summer, start Model 3 production end of year & reach high volume production next year", Musk wrote in a separate post on Twitter.
"With the construction of the Shanghai factory, the faster the better (for Tesla)", Kang said.
Tesla has been pushing forward its plans for the plant after it secured the site in October, hiring staff, starting procurement for building materials and setting up a financial leasing company in the city.
China is the largest market for electric vehicles, and most forecasters predict EV sales in the country will accelerate rapidly as the government drives toward a goal of 100 percent electric vehicles by 2030.More news: Congo Catholic church warns of election uprising - 1/5/2019 9:38:47 AM