The Latest Breaking News from Shanghai

Brazilian President Luiz Inácio Lula da Silva is in the Chinese financial hub of Shanghai as he looks to boost ties with his country's biggest trade partner

Shanghai (AFP) - Brazilian President Luiz Inacio Lula da Silva arrived late Wednesday in China for an official visit aimed at boosting already deep ties between the Asian giant and Latin America's biggest economy.

Tesla stock fell Monday after the EV giant's latest price cuts, putting more focus on gross margins. Tesla will build a Megapack factory in China.

Stock futures edge higher as traders dig through March jobs report; Week Ahead: Inflation data, big bank earnings in focus; First Republic suspends preferred dividend ahead of Q1 earnings; Tesla confirms Shanghai 'megapack' battery plant plans and Pioneer shares leap on report of Exxon takeover talks.

After building an electric vehicle factory in Shanghai in 2019, the US company has signed an agreement to build another plant in the city, this time to make large-scale energy storage units known as "megapacks". With the agreement, Elon Musk's company is doubling down on its China investments, amid increasing…

Shenzhen Component Index closed down 0.8%

Tesla plans to initially produce 10,000 Megapack units a year at the factory.

Tesla Inc. will build a new battery factory in Shanghai, increasing investment in China at a time of brewing tensions between Beijing and Washington.

The American electric vehicle carmaker will build a super battery manufacturing plant in Shanghai.