Tesla delivers first batch of China-made cars

Tesla delivers first batch of China-made cars

Tesla sold around 30,000 Model 3s this year in China, as indicated by the report. Tesla's Shanghai Plant is part of the company's plan to strengthen its presence in the world's biggest auto market while at the same time minimizing the impact of the U.S-China trade war.

Fifteen Model 3 sedans were handed over at the company's so-called "Gigafactory" near Shanghai. The company will also double the number of fast-charging stations and service centers in China next year, Tesla executives said.

The China-made Model 3 sedans are priced at 355,800 yuan ($50,900) before subsidies, according to the Tesla website.

Tesla Inc tumbled 4.9%, its biggest drop in a month, after analysts at Cowen said vehicle deliveries may miss the company's target this year as Model 3 demand slumps.

In Istanbul, meanwhile, a consortium of industrial groups unveiled an electric SUV on Friday that is the first vehicle to be produced entirely in Turkey. Tesla posted on Twitter to mark the occasion, saying the deliveries are "only just the beginning" for the company's production efforts in China. "Tesla's China team has done an incredible job and I'm astounded that so much progress has been made for the Shanghai Gigafactory".

The Shanghai plant started construction on January 7, 2019, and its quick delivery made good on Tesla CEO Elon Musk's praise of "the unbelievable Shanghai speed". The Chinese government has shown cooperative support of the factory in Shanghai which is the first vehicle plant wholly owned by a foreigner manufacturer.

Ford Motor Co said on Monday reservations were full for the high-end Mustang Mach-E First Edition electric sport utility vehicle. Until then, we can expect to keep seeing the end of quarter rushes to meet its sales and delivery projections in order to retain confidence from the company's investors.

While China-built cars are not yet being delivered to customers outside the company, yesterday's milestone caps several months of wins for Mr Musk.

Tesla broke ground on January 7 in Shanghai on its first overseas factory.

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