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Tesla touts Chinese market, wows with surprise profits

Elon Musk extols new Shanghai Gigafactory as 'template for future growth'

Tesla's Shanghai Gigafactory was built in 10 months, which the company said was a record for "any factories of this magnitude in history."   © Reuters

TOKYO -- In stark contrast to other U.S. carmakers, Tesla CEO Elon Musk touted China as a platform for future growth as the electric vehicle manufacturer unveiled a surprise return to profits on Thursday that sent its shares soaring.

The new facility in Shanghai was built in a record 10 months, cost 65% less than comparable Model 3 production plants in the U.S., and Tesla said it was "highly confident" that the company would exceed its target of 360,000 vehicle deliveries this year.

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