The time for Tesla to announce the pricing details
of the locally-built Model 3 in China is almost upon us, with the company
making this announcement on social media. The EV car maker will spill the
beans on its China-made Model 3 on May 31, and is asking people to guess the
price. Citing a source with knowledge of the matter, Bloomberg reports that
Tesla is set to price the locally-built Model 3 between 300,000 yuan (US$ 43,400)
and 350,000 yuan (US$ 50,650) before subsidies.
Tesla is already selling the Model 3 in China, but
the cars are currently shipped from the U.S., which subjects them to import
tariffs and disqualifies them from Chinese EV subsidies. Therefore, right now
the most affordable Model 3 in China starts from 377,000 yuan (US$ 54,560).
Tesla’s new plant in Shanghai is expected to start
production this year, boosting the company’s competitiveness in the world’s
largest car market, which is also home to hundreds of EV rival companies.
Officially dubbed Gigafactory 3, it will eventually
have an annual capacity of 500,000 vehicles. The facility, which is located in
Lingang near Shanghai’s free-trade zone, is the first wholly foreign-owned
plant of its kind in the country. Local production in China is key
for Tesla, as it will not only make its cars cheaper for the domestic market,
but it will also considerably speed up deliveries.
