Tesla offers cheaper Model 3 car variant in China

Tesla investor

Tesla Officially Launches Model 3 in China, Announces a Cheaper Version is On the Way

It will now cost almost $140,000 to buy the highest performance Tesla as the young but storied electric vehicle company lowered prices and cut production on its cheaper version legacy models S and X, but made it even more expensive at the high end with a $20,000 premium to buy a performance model with a separately sold "Ludicrous" upgrade performance package.

Prices for the long-range, rear-drive Model 3 variant start at 433,000 yuan ($64,300.56), compared with 499,000 yuan for the Model 3 available in China last month.

"If we clear a path to the creation of compelling electric vehicles, but then lay intellectual property landmines behind us to inhibit others, we are acting in a manner contrary to that goal", he said. Cowen analysts noted: "This is a strong indication that demand in the USA for both the mid-range and long-range Model 3 versions has largely been exhausted, and the company is still working through the estimated ~6.8k of unsold Model 3 inventory".

Tesla now imports all the cars it sells in China built at its Fremont, California assembly plant but is in the process of building a factory in Shanghai that will build Model 3's when it first opens. The Model X gets the same moniker.

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Gigafactory 3 will be China's first wholly foreign-owned auto plant and should allow Tesla to minimise the impact of the trade war which has seen Beijing impose big tariffs on United States vehicle imports.

Amidst the company's cost-cutting measures which included cutting seven percent of its workforce and recent worries about lack of demand for Tesla vehicles, this is quite a large promise. In the past, the vehicles had been named after the type of battery that was in the vehicle, i.e. 75D or P100D. In a blog post, the colorful billionaire founder of Tesla promised the company "will not initiate patent lawsuits against anyone who, in good faith, wants to use our technology". What used to be the P100D will be called "Performance".

The Model S and Model X also see price drops from the base model, which keep them in line with the price cut given the Model 3 earlier when the federal tax subsidy ran out at $7,500.

Limited production is slated to begin in 2020 and, thanks to the lessons learned while producing the Model 3, is expected to achieve exponential "s-curve" growth throughout the year. By 2020, there will be no tax break for buying any version of the Tesla, even the Model Y when it comes out that year.

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The aforementioned base models keep their current monikers: Model X and Model X with no additional tags.

Add a motor, unlock the pack, pay another $19,000 and you now have the Model S "Performance" model, with the extended range capacity, the extra motor, and the extra horsepower and torque.

Extended range on the Model S costs an extra $8,000 but you're only getting 25 miles extra range.

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