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Tesla has denied media reports in China that it is planning a vehicle manufacturing plant in south China’s Guangdong province.

Recent media reports in China have suggested that Tesla has chosen a site in the province and is waiting for the authorities’ approval.

However, the China Daily reports that the company has denied the reports.

“Tesla is deeply committed to the Chinese market, however the rumours that we plan to open a factory in Guangdong are not true,” the company said in a written reply to China Daily.

The report added that the rumours may be connected to Guangdong-headquartered tech giant Tencent’s recent acquisition of a 5% stake in Tesla as well as China’s growing demand for new energy (electrified) cars. The company is widely thought to be giving consideration to its strategy – for both sales and manufacturing – in the world’s largest car market.

Tesla global sales surged to a new quarterly record in Q1 as the company rebounded from weaker sales and production problems at the end of last year. That sent its share price soaring so that it has a market cap value higher than Ford and GM.

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By GlobalData