Tesla Motors (TSLA) has solved its trademark issue in China and is moving toward are larger presence in the country.
The trademark issues for Tesla in China stemmed from a man who held the rights to the Tesla name in the country. An agreement had previously been reached between the man and the electric car maker, but then it all started again when he took the company to court, reports Business Insider.
This time Tesla claims that the man has agreed to allow Chinese authorities to end the trademark dispute. This will include cancelling the man’s trademark at no cost to the electric car manufacturer. The company and the Chinese man will also work together to shift domain names over to the former, reports Business Insider.
Elon Musk, CEO of Tesla, also recently announced that the car manufacturer would be producing 100,000 cars a year by the end of 2015. With the electric car maker removing the trademark issue, it will likely become easier for it to find homes for these vehicles in China.
TSLA shares were up 4% as of Wednesday afternoon.
