Tesla paid 222.42 million yuan ($31.13 million) for use rights to a 19.7-hectare (48.7 acres) plot in Shanghai for $31.13 million

The US carmaker sold 82,432 of its Shanghai gigafactory-produced vehicles last month as rival BYD set a new sales record

Nio has announced plans to cut its workforce by 10% as buyers shun pure electrics for more economical plug-in hybrids

Despite some of China’s electric vehicle makers, such as BYD and Nio, being household names, hundreds more now face an uncertain future

Among major backers of the chip designer is smartphone giant Xiaomi, which won approval last month from China's state planner to manufacture electric vehicles

French automaker Renault is to hack back costs by 40% while Peugeot-Fiat carmaker Stellantis described the competition with China as “brutal”

Purchases of Nio models slid in April and May as a price war intensified, with Tesla's China sales more than five times Nio's over the same period

Before travelling to China, US CEOs have particularly been seeking advice about how Beijing's expansion of its counter-espionage law could affect them

Musk is expected to meet several senior Chinese officials and visit Tesla's Shanghai plant later in the week

The trip is Musk's first to China since he made headlines in early 2020 by dancing on stage at Tesla's Shanghai gigafactory

Executives from the electric vehicle maker are said to have discussed the incentives on offer to them with Indian government officials

The move came as data from the China Passenger Car Association showed the electric vehicle maker delivered 14.7% fewer China-made electric vehicles in April, compared to March