Tesla is reportedly planning to build a plant in China that produces 500,000 vehicles a year (TSLA)

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Tesla plans to build a plant in China capable of producing 500,000 vehicles a year, Bloomberg says.

The report comes a day after Electrek said the electric-car maker raised prices of its Model S and Model X vehicles in China by more than $20,000 apiece.

Shares - % - Tuesday

Tesla shares were up more than 2% on Tuesday.

Watch Tesla trade in real time here.

Shares - Tesla - Tuesday - Morning - %

Shares of Tesla were rallying Tuesday morning, up more than 2%, after a report said the electric-car maker was planning to build a factory in China that could produce 500,000 vehicles a year.

Bloomberg's report, which cites people familiar with the plans, says Tesla will sign a memorandum of understanding with the local government in Shanghai.

Tesla - Deal - Authorities - Plant - China

Tesla has long been trying to work out a deal with local authorities for a plant in China. The carmaker held talks with Shanghai's municipal government back in October to set up a factory in the region. CEO Elon Musk has...

(Excerpt) Read more at: markets.businessinsider.com

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