Tesla Motors (Beijing) Co., Ltd. was fined RMB 70,000 for violating foreign exchange registration regulations

According to reports, Tesla Motors (Beijing) Co., Ltd. was recently fined 70,000 yuan by the Beijing Branch of the State Administration of Foreign Exchange for violating foreign exchange registration management regulations. Tesla Motors (Beijing) Co., Ltd. was established in November 2012, with Wang Hao as the legal representative, a registered capital of US$2 million, and is wholly owned by Tesla Motors Hong Kong Co., Ltd.