Tesla CEO Elon Musk kicked off the construction of the electric-car maker's new $2 billion Gigafactory in Shanghai, China, on Monday. Tesla shares jumped almost 2% early Monday. Before the ceremony, Musk sent outa string of tweets about the Shanghai factory, saying Tesla aims to finish the initial construction this summer, start Model 3 production by the end of year, and reach high volume production next year. In July, China also raised duties on US auto imports to 40%, while slashing auto import tariffs for the broader market to 15% from 25%, adding a huge headwind for the $10.5 billion worth of cars the US ships to China each year, including Tesla.
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