Five of China's Tesla-related A-shares surged to its daily limit after Tesla announced it had officially initiated its factory construction in Shanghai.
The five companies are the Jiangyin Haida Rubber and Plastic Co., Ltd. (300320), the Suzhou Chunxing Precision Mechanical Co., Ltd. (002547), the Tianjin Motor Dies Co., Ltd. (002510), the Zhejiang Yonggui Electric Equipment Co., Ltd. (300351) and the Huachangda Intelligent Equipment Group Co., Ltd. (300278).
The Jiangyin Haida Rubber and Plastic Co., Ltd. (300320) is a Shenzhen-listed company operating in the rubber and plastic research, production and sales business. Its products are widely used in railways, buildings, automobiles and the sailing industries.
The Suzhou Chunxing Precision Mechanical Co., Ltd. (002547) manufactures telecom equipment and auto parts, among others.
Industrial automation equipment is the main product for the Huachangda Intelligent Equipment Group Co., Ltd. (300278).
The net profits of the Tianjin Motor Dies Co., Ltd. (002510) reached 195 million yuan (28.43 million U.S. dollars) with an operating income of 1.78 billion yuan (259.55 million U.S. dollars). It produces automobile dies.
The Zhejiang Yonggui Electric Equipment Co., Ltd. (300351) produces electric couplers, which are used in the railways, New Energy Vehicles (NEVs), military and communication sectors.
The Gigafactory in Shanghai aims to produce 250,000 cars in the first year of its operation and 500,000 vehicles every year after that.
The company plans to manufacture its cheapest Model 3 by the end of the year in Shanghai, said CEO Elon Musk.
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