Tesla CEO Musk says to break ground on Shanghai Gigafactory today

SHANGHAI/BEIJING (Reuters) - Tesla Inc on Monday will break ground for its Shanghai Gigafactory where it will begin making Model 3 electric vehicles (EV) by year-end, Chief Executive Elon Musk tweeted ahead of the formal start of construction of the firm's first Chinese plant. The $2 billion factory - long under discussion - marks a major bet by the U.S. electric vehicle maker as it looks to bolster its presence in the world's biggest auto market, where it faces rising competition from a swathe of domestic rivals and its sales have been hit by increased tariffs on U.S. imports. "Looking forward to breaking ground on the @Tesla Shanghai Gigafactory today!" Musk wrote in a post on Twitter.

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