Tesla Will Build Its 1st Factory Outside U.S. In Shanghai

FILE PHOTO - A parking lot of predominantly new Tesla Model 3 electric vehicles is seen in Richmond, California, U.S. June 22, 2018. Picture taken June 22, 2018. REUTERS/Stephen Lam

(Reuters) - Tesla Inc has started taking orders for its Model 3 sedan in China for a deposit of 8,000 yuan ($1,153.60), according to the electric carmaker's China website www.tesla.cn/model3/reserve.

Chief Executive Officer Elon Musk said, “Probably some deliveries in March, but April is more certain”, after a Twitter user asked when the deliveries in China would begin.

Tesla declined to comment.

The company has been banking on its Model 3 sedan, the performance of which is seen crucial to the carmaker’s future. Shares of Tesla rose 1.6 pct at $353.93 in morning trading.

China is the largest market for electric vehicles and most forecasters predict that its sales in the country will speed up rapidly as government regulation drives toward a goal of 100-percent electric vehicles by 2030.

Tesla had signed a deal with Shanghai authorities in July to build its first factory outside the United States, which would cost around $2 billion to construct and would double the size of its global manufacturing.

The Shanghai Gigafactory, based in eastern China, aims to manufacture Model 3 and Model Y cars, with annual capacity of 250,000 vehicles, according to a filing.

Tesla is also developing plans to start producing about 3,000 Model 3s per week in Shanghai in the initial phase of its Gigafactory 3 to reduce the impact of tariffs.

($1 = 6.9348 Chinese yuan renminbi)

Reporting by Arjun Panchadar in Bengaluru; Editing by Arun Koyyur

Source : https://www.reuters.com/article/us-tesla-model-3-china/tesla-starts-taking-model-3-orders-in-china-idUSKCN1NL1W0

Tesla starts taking Model 3 orders in China
Tesla secures Shanghai site for $2 billion China Gigafactory
Tesla secures land in Shanghai for first factory outside US
Tesla taking Model 3 orders in China, deliveries may start in March
Tesla Buys Land for Gigafactory in Shanghai
Plans For Tesla China Factory Accelerate With Property Purchase
Tesla starts taking Model 3 sedan orders in China for a deposit of CNY 8,000
Volvo’s Polestar Targets China as Premium Fight With Tesla Looms
Volvo's Polestar targets China opportunity despite Tesla competition
Will Chinese Electric Cars Become Real Competition For Tesla?
[LIMITED STOCK!] Related eBay Products