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Tesla promises to pay $ 323 million in taxes from the Shanghai factory in 2023, otherwise it will return the land.

Tesla said in the latest quarterly report: “We believe that even if our actual production is much lower than our forecast, capital expenditure requirements and tax targets are achievable.”

On July 30th, Tesla (TSLA.US) disclosed in the latest regulatory report that according to the terms of the lease with the Shanghai Municipal Government, the Tesla Shanghai factory must begin every year from the end of 2023. Pay 323 million US dollars in taxes, otherwise the land must be returned.

According to the lease, the company must also invest about 2 billion US dollars in capital expenditure in the factory in the next five years.

These obligations are not onerous compared to Tesla’s own goal of investing billions of dollars in the Shanghai plant. The company said last week that it expects to start production of Model 3 electric vehicles at its Shanghai plant by the end of the year, with global production reaching 500,000 units in the next 12 months.

Tesla said in the latest quarterly report: “We believe that even if our actual production is much lower than our forecast, capital expenditure requirements and tax targets are achievable.”

The latest financial report shows that Tesla’s second-quarter revenue was $6.35 billion, up from $4.02 billion in the same period last year; net loss attributable to ordinary shareholders was $408 million, compared with the net loss attributable to ordinary shareholders during the same period last year. The $718 million has been narrowed. It also achieved a record delivery of 95,356 vehicles and a record production of 870,48 vehicles, exceeding Tesla’s previous quarterly record.

In addition, capital expenditures for the second quarter were $250 million, including early investments in Shanghai’s giant plants, charging infrastructure and Model Y production lines.

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