Tesla to start Model 3 sales in March


Automotive News | 2019-1-8

BEIJING -- Tesla Inc. plans to start delivering Model 3 cars to customers in China in March, cementing a time frame that the U.S. electric vehicle maker's CEO, Elon Musk, tweeted about late last year.

The California automaker, which seeks to accelerate Chinese sales that have been hit hard by the impact of trade tension between Washington and Beijing, said in a statement the starting price for a Model 3 in China would be 499,000 yuan ($72,000).

Tesla cut prices on the Model 3 last month, the third time in the last two months the company has adjusted prices in China.

In November, Tesla cut the prices of the Model X and Model S in China by 12 to 26 percent.

Tesla has begun the process of building a $2 billion plant in Shanghai -- dubbed a Gigafactory -- and at least one contractor has started buying materials, Reuters reported earlier.

The automaker has said it aims to initially produce about 3,000 Model 3 vehicles per week at the plant and localize manufacturing and supply chains.

The factory, Tesla's first in China, marks a major bet by the EV maker as it looks to bolster its presence in the world's biggest auto market where it faces rising competition from a swathe of domestic rivals, while its earnings have been hit by increased tariffs on U.S. imports.

Entire contents © Crain Communications, Inc.
Use of editorial content without permission is strictly prohibited. All Rights Reserved.