Tesla Inc. continues its journey into the Asian market. With the Shanghai Gigafactory back in operation with new safety precautions in line, the electric vehicle manufacturer looks to expand its presence in China. A new price cut to the China-made Tesla Model 3 looks to do just that.
The company issued a statement informing customers that they will be cutting the price of the China-made Model 3 by 10%. The price chang follows in the wake of some substantial subsidies the company qualified for. For each Standard Range Plus Model 3 made in China, the company received 20, 250 yuan in electric vehicle subsidies. This allows Tesla to decrease the vehicle’s price by 10%. As it stands now, the China-made Tesla Model 3 runs at 271,550 yuan or $38,500 USD.
The outlook for Tesla’s foray into the Chinese electric vehicle looks bright. Recent reports showed that demand for the China-made Model 3 is already on the rise. With more orders on the way and a new production facility in Shanghai, the company has made major strides. Despite some challenges in the Chinese marketplace early on, things are looking bright.
Meanwhile, Tesla released their Q1 earnings report to positive reception. They also look to resume production in California as soon as possible. However, extended shelter in place orders may prevent this.
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