On July 10, INA learned from the Tesla official that Tesla signed a PEV investment agreement with the Lingang Development and Administration Committee and the Lingang Group. Tesla will build a Gigafactory 3 that integrates R&D, manufacturing, sales and more functions in Lingang Area as its sole investor and owner. The project plans to produce 500,000 pure electric vehicles per year. So far, it is the largest foreign-invested manufacturing project in Shanghai.