Jinqiao Group denied that it had signed a memorandum of understanding (MOU) with Tesla Motors to build Tesla production facilities in Shanghai. Bloomberg reported that each side would invest about CNY30 billion in the partnership, with Jinqiao putting up land for most of its shares. Tesla said it would not comment on rumors or speculation.Tesla plans to build a factory in China by the end of 2018. China became Tesla’s second-largest market after the United States in the first quarter of 2016, with a more than 300% annual growth rate, but the electric-car maker faces import duties of 25%. Foreign electric-car makers are not allowed to establish wholly-owned e-car factories in China.