Tesla announced a reduction in the price of Model 3 electric cars manufactured at its factory in Shanghai in anticipation of the start of deliveries scheduled for January 7th.
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According to a Chinese company website, the cost of Chinese-made Model 3 sedans has been reduced by 16% to 299,050 yuan ($ 42,919), with subsidies of 24,750 yuan. Model 3 cost of 355,800 yuan was previously announced.
The price reduction is one of many adjustments that Tesla has made to its sales policy in China, including price changes for car accessories and home chargers.
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Deliveries start just a year after the start of construction of the Tesla factory in Shanghai, the company’s only plant outside the United States. In October last year, the first Chinese-made Tesla cars rolled off the assembly line. And last Monday in a festive atmosphere were handed 15 electric vehicles to the first customers from among the company’s factory employees.
Tesla reported earlier this week that only 30% of its Chinese supply chain is localized. This means that some auto parts are shipped from the United States to assemble cars in Shanghai. The automaker plans to fully localize its supply chain in China by the end of 2020.
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