U.S. electric vehicle maker1 Tesla has set up a wholly-owned subsidiary in Shanghai. 美国电动汽车生产商特斯拉在上海成立一家全资子公司。 Tesla received the business license2 for its subsidiary from the market regulation bureau of the Pudong New Area on Thursday, according to the National Enterprise Credit Information Publicity3 System. The newly-established subsidiary registered capital of 100 million yuan (15.8 million U.S. dollars). The only shareholder4 is Tesla Motors HK Limited. The firm's businesses include technology development and transfer in the fields of electric cars, auto5 parts, batteries, energy storage equipment and photovoltaic products, and wholesale6 and import and export of such products. China announced in April that it would scrap7 share-holding limits for new energy vehicles for foreign investors8 in 2018. It also pledged to reduce tariffs9 for imported cars. Earlier the Shanghai Municipal Commission of Economy and Information Technology said Tesla and the government had maintained good communication and would continue to discuss Tesla's plant in the municipality. Tesla's global revenue for 2017 grew 67 percent to nearly 12 billion U.S. dollars. The Chinese market contributed 2 billion U.S. dollars, up 90 percent.