Orders now open for Tesla Model 3 in China

Source: Xinhua | 2018-11-19

Tesla has started taking orders for its Model 3 sedan in China asking for a deposit of 8,000 yuan (US$1,153.60).

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

The company has been banking on its Model 3 sedan, the performance of which is seen as crucial to the carmaker’s future. Shares of Tesla rose 1.6 percent to US$353.93.

China is the largest market for electric vehicles and most forecasters predict that Tesla’s sales will increase rapidly as government regulation sets a goal of 100-percent electric vehicles by 2030.

Tesla signed a deal with Shanghai authorities in July to build its first factory outside the United States, which will cost around US$2 billion to construct, and will double the size of its global manufacturing. The Shanghai Gigafactory aims to manufacture Model 3 and Model Y cars, with annual capacity of 250,000 vehicles.