Shanghai plant shows Tesla's ambition

Tesla Inc recorded several firsts when it broke ground on a car manufacturing plant in Shanghai on Monday afternoon. The 50 billion yuan ($7.3 billion) plant is the company's first factory outside the United States and the first automobile production project wholly owned by foreign capital in China.

Analysts said the move marks the strong confidence the new energy vehicle maker has in the China market as well as China's commitment to further opening-up.

"This will be the most advanced Tesla gigafactory in the world, and I believe one of the most advanced factories in the world of any kind," said Elon Musk, chief executive officer of California-based Tesla in Shanghai on Monday.