Musk Promises Flying Cars While Cutting Tesla Production Models

The billionaire 74 indirectly owns 3 million Tesla shares

The billionaire 74 indirectly owns 3 million Tesla shares

The lowest-end Model X, listed at $72,450-the one that won't be sold anymore-is advertised as having a 237-mile range; the next level up lists at $87,450 and has a 295-mile range.

Both Musk and the company agreed to pay $20 million in penalties and promoted Tesla to add Ellison and human resources specialist Kathleen Wilson-Thompson as board members. China responded in kind, adding tariffs to an equal amount of US products.

Aside from Grimes, Musk has also reportedly made time to meet with several top Chinese leaders, including Chinese Premier Li Keqiang, to discuss Tesla's future in the Middle Kingdom.

The Tesla Inc. boss swept through the country this week, kicking off construction at a factory near Shanghai, hanging with the premier and chowing down on hotpot in Beijing. When completed later this year, the factory, the first Tesla plant outside the United States, is expected to produce some 250,000 Tesla-brand electric cars per year, with that figure eventually rising to 500,000. Musk was offered permanent residency in China after he said he loved the Asian nation and hoped to visit more regularly. The plant will be the first wholly foreign-owned vehicle factory in the country.

Getting a Chinese "green card" has been described as "one of the most hard tasks in the world".

Meanwhile, trade negotiations between Beijing and Washington also appear to be going well, according to Chinese and USA negotiators, as reported by Forbes.

Tesla's new plant in China will eventually have an annual production capacity of 500,000 vehicles, the California-based company has said, dramatically increasing its output. China and the USA also just wrapped up three days of talks to resolve trade disputes, and officials from both nations have expressed optimism that progress has been made.

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