Tesla broke ground on the construction of Gigafactory 3 in Shanghai. Tesla wants to have the factory finished by the summer and have Made-in-China cars rolling off the production line by the end of the year.

The Shanghai factory will allow Tesla to sell the Model 3 at 300,000 yuan. This will be almost half of the current price. Local buyers currently need to pay 87,500 yuan ($12,750) to win license plate for a conventional car through a lottery system. If they buy an electric car, they can buy a "green plate" locally.

Musk says he sees initial production of Model 3 from Shanghai factory starting by the end of this year and volume production achieved next year.

A global system of charging for electric cars will be expensive. An estimated $6 trillion is theoretically needed to build the infrastructure that electric cars need such as charging stations and power networks.