Tesla Must Pay $323 Million In Taxes To Shanghai Every Year Or It Will Lose Gigafactory Land

Zero Hedge | 7/31/2019 | Staff
Claw987Claw987 (Posted by) Level 4
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For a company that has already racked up a tab of over $1 billion in losses this year, what's another $323 million amongst friends?

This was quite possibly the attitude the company took when agreeing to pay China 2.23 billion yuan - about $323 million - in taxes every single year as part of their deal with local authorities to build their factory on the outside of Shanghai, according to Bloomberg.

Tesla - Capex - Plant - Years - Lease

Tesla has also committed to drop about 14.08 billion yuan - or about $2 billion - in capex on the plant over the next five years, according to its lease. While the point of the Shanghai Gigafactory was to avoid tariffs and keep prices down, we're not sure how an annual tax requirement of well over a quarter of a billion dollars is going...
(Excerpt) Read more at: Zero Hedge
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