Tesla will increase the capacity of its gigafactory in Shanghai to 450,000 cars this year from the current 250,000 as the vehicles produced there enjoy growing popularity, the company said as quoted by Chinese media. “Over a multiyear horizon, we expect to achieve 50 percent average annual growth in vehicle deliveries. In some years we may grow faster, which we expect to be the case this year,” the company said. Tesla started shipping China-made cars last year, with the Model 3. Earlier this year, the company started delivering China-made Model Y crossovers, too. The Model Y launched at a lower price than expected, prompting a rush to buy as it seeks to take up a bigger portion of the Chinese market. In the first 11 months of 2020, Tesla’s China sales stood at 111,600 vehicles, nearly 20,000 vehicles more than all three Chinese competitors combined, even though the local […]