Market Overview

Tesla Begins China-Made Model Sales With Autopilot: Report

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


Related Articles (TSLA)

View Comments and Join the Discussion!
Don't Miss Any Updates!
News Directly in Your Inbox
Subscribe to:
Benzinga Premarket Activity
Get pre-market outlook, mid-day update and after-market roundup emails in your inbox.
Market in 5 Minutes
Everything you need to know about the market - quick & easy.
Daily Analyst Rating
A summary of each day’s top rating changes from sell-side analysts on the street.
Fintech Focus
A daily collection of all things fintech, interesting developments and market updates.
Thank You

Thank you for subscribing! If you have any questions feel free to call us at 1-877-440-ZING or email us at