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Tesla Begins China-Made Model Sales With Autopilot: Report

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Tesla Begins China-Made Model Sales With Autopilot: Report

The electric vehicle manufacturer Tesla Inc (NASDAQ: TSLA) has started accepting orders for its China-made Model 3 car, Reuters reported on Friday.

First Chinese Model

Complete with the autopilot feature, the model’s price range starts from $50,330 (355,800 yuan) and is based on the selected features. The company has suspended online sales of the previous model.

As Bloomberg notes, the car cost is only about 3% lower than Tesla’s basic imported models available in China — providing no financial relief to its local consumers.

See Also: 'Game Changing': Wall Street Weighs In On Tesla's Q3 Earnings

Soaring Market

Tesla’s stock closed Thursday at $299.86, a 17.7% gain, making it the company’s best trading day since May 2013, according to CNBC.

The price spike is the result of Tesla’s unexpectedly high third-quarter revenue. It announced $6.3 billion in profits, with an adjusted earning per share of $1.86, compared to the anticipated 45-cent loss per share.

What’s Next

Tesla’s future growth is partially tied to its ability to capture the Chinese automobile market, TechCrunch reports.

In a surprise move in July 2018, the company managed to strike a deal with the Chinese government to start a factory in Shanghai, wholly owned by Tesla itself. The new Model 3 has become its first product made at this Shanghai plant.

UK-based research firm LMC Automotive says that Elon Musk’s Tesla is leading the race to capture the electric vehicle market in China. Its U.S.-made Model 3 sales increased up to 10,542 units in the third quarter, which is three times higher than in the second quarter.

Posted-In: Earnings News Events Global Top Stories Economics Tech Media

 

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