Tesla (TSLA) plans to start delivering Model 3 cars to customers in China in March, the company said Friday, and reportedly is close to getting approval to start deliveries to Europe next month.
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Tesla said the starting price for the Model 3 in China would be $72,000, as reported by Reuters. The company continues to move forward with plans for a Tesla China factory in Shanghai, expected to produce up to 500,000 cars per year in China in three years.
China is the largest market for electric vehicles worldwide as well as Tesla's largest market outside the U.S.
Tesla is expected to begin deliveries to Europe next month, even though it has yet to obtain full approval from European authorities, said a report from Bloomberg. Tesla has been working in close collaboration with authorities and expects to receive certification soon.
On Friday, Tesla announced that some customers in left-hand drive European countries can now configure and buy its Model 3 vehicle.
Tesla Stock Rises
Chief Executive Elon Musk discussed plans during the company's third-quarter earnings conference call in October. He said "the market for midsize premium sedans in those regions is even larger than in North America."
Tesla stock gained 5.8% to close at 317.69 on the stock market today. Shares plunged 7% Wednesday after the company reported fourth-quarter deliveries that missed the forecasts of Wall Street analysts.
Tesla said it delivered 63,150 Model 3 vehicles in the quarter, in line with its own guidance. But that was short of analyst estimates of about 65,000
But Tesla said there are "significant opportunities" to grow Model 3 sales. They include expanding to international markets and introducing lower-priced versions of its vehicles.
Tesla also said it's reducing the price of all three of its vehicles by $2,000. That will counterbalance in part the reduction of the electric vehicle tax credit.
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The post Tesla Ready To Deliver Model 3 Vehicles To China, Europe appeared first on Investor's Business Daily.
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