Categories AlphaGraphs, Other Industries, U.S. Markets News
Tesla starts taking in orders for new cheap Model 3 variant in China
Elon Musk has his eyes on the Chinese market. His latest move for a cheaper Tesla car for the Asian country is a testament to it.
On Friday, Feb. 1, Tesla announced that the electric car company has started taking orders for its cheaper Model 3 variant.
This rear-wheel-drive variant is priced at 433,000 yuan (about $64,300), considerably lower than its all-wheel-drive counterpart with a price tag of 499,000 yuan.
According to Tesla, deliveries of the new model will commence in March.
CHINA-BUILT TESLA, COMING SOON
Due to the onset of heavy retaliatory tariffs by Beijing on US autos, Tesla in October declared its negative impact on sales. Following this, the company has hinted at a Shanghai plant to build the cars in the country for China customers.
ENCOURAGING MOVE POST RESULTS
Earlier this week, Tesla announced that it delivered a record number of vehicles in the final months of 2018, and reported stronger than expected revenues for the fourth quarter. However, earnings fell short of expectations sending the stock falling.
This latest move to more China-based sales could help Tesla get back on its feet.
Tesla now expects Model 3 volumes to grow sharply in FY 2019, helped by high production volumes at the Fremont factory. The company looks to start full-fledged production of Model 3 vehicles at its Gigafactory in Shanghai by year-end.
Get access to timely and accurate verbatim transcripts that are published within hours of the event
Most Popular
Adobe (ADBE) Q2 adjusted earnings rise on higher revenues
Adobe Inc. (NASDAQ: ADBE) on Thursday reported an increase in revenue and adjusted profit for the second quarter of 2025, amid continued growth in its subscription-based business. The design software
ORCL Earnings: Highlights of Oracle’s Q4 2025 financial report
Technology giant Oracle Corporation (NYSE: ORCL) has reported higher revenues and adjusted earnings for the fourth quarter of 2025. Total revenues increased to $15.9 billion in the May quarter from
Key highlights from Chewy’s (CHWY) Q1 2025 earnings results
Chewy, Inc. (NYSE: CHWY) reported its first quarter 2025 earnings results today. Net sales of $3.12 billion increased 8.3% year-over-year. Net income decreased 6.7% to $62.4 million compared to last
Comments