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Tesla to produce 'affordable' Model 3 in China by year-end

Elon Musk breaks ground at Shanghai Gigafactory and targets 2020 mass production

Tesla CEO Elon Musk and Shanghai's Mayor Ying Yong attend the Tesla Shanghai Gigafactory groundbreaking ceremony in Shanghai on Jan. 7.   © Reuters

LAS VEGAS, U.S. -- Electric vehicle maker Tesla broke ground Monday on its Shanghai Gigafactory with the goal of starting production on its Model 3 mass-market sedan in China by the end of the year.

CEO Elon Musk, who attended the groundbreaking ceremony with Shanghai Mayor Ying Yong, wrote on Twitter Sunday that the company aimed to "finish initial construction this summer, start Model 3 production end of year & reach high volume production next year."

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