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Tesla to deliver Model 3 to China buyers from March

International Business
Sat, 05 Jan 2019


BEIJING: Tesla said yesterday it plans to start delivering Model 3 cars to customers in China in March, cementing a time frame that the US electric vehicle (EV) maker’s chief executive, Elon Musk, tweeted about late last year.

The California-based firm, which aims to accelerate Chinese sales that have been hit hard by the impact of trade tensions 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 for its Model 3 last month, the third time in the last two months for the firm to adjust prices in China.

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

Tesla has opened a tender process to build a $2 billion plant in Shanghai – dubbed a Gigafactory – and at least one contractor has started buying materials, Reuters reported earlier last month.

The carmaker has said it aims to initially produce about 3,000 Model 3 vehicles per week at the plant and localise its manufacturing and supply chain.

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 car market where it faces rising competition from a swathe of domestic rivals, while its earnings have been hit by increased tariffs on US imports.

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