US electric car company Tesla has introduced a new electric car named Model 3 in China. This car can travel up to 606 kilometers on a single charge. After the release of this car, Tesla’s stock price fell by about 6 percent on Friday, as reported by Reuters. Even though Tesla has reduced the prices of its high-end cars and full self-driving (FSD) software, the new Model 3 comes with a higher price tag.
This marks the first time Tesla has launched a new model in China, leaving the US market. This move is expected to intensify competition between Tesla and the Chinese car manufacturer BYD in the Chinese market.
However, while Tesla has introduced the new car in China, there’s no word yet on when the Model 3 will be available in the US market. Tesla is offering a $5,000 discount on each Model 3 sold in the Chinese market. This new car is being manufactured in China and also in Fremont, California.
According to China’s testing standards, the new Model 3 can travel up to 606 kilometers on a single charge, which is 9 percent more than Tesla’s other similar vehicles.
Tesla has stated that this new Model 3 is an improved version of their best-selling Model Y in 2020. It’s being manufactured at the Tesla plant in Shanghai, China, and will also be exported to other markets in Asia, Europe, and the Middle East.
Tesla has already started taking orders for this car in China, and it will be available for sale in China in the fourth quarter of this year (October-December). Orders are also being accepted from markets in Germany, Europe, the Middle East, Malaysia, Australia, New Zealand, and Japan.
China is Tesla’s second-largest market after the US. The company has reduced the prices of its premium Model S and Model X cars in China by approximately 14 to 21 percent. Currently, the new Model 3 is Tesla’s most expensive car after the Model Y.
According to The Verge, the price of the new Model 3 rear-wheel-drive model will be $42,990, while the Long Range version will cost $50,990. Tesla has made several changes to attract Chinese buyers, including adding a display in the back seat of the car, an improved acoustic system, and new headlights. The new car will be showcased at a trade fair in Beijing on Saturday.