The time for Tesla to announce the pricing details of the locally-built Model 3 in China is almost upon us, with the company making this announcement (where else…) on social media.
The EV car maker will spill the beans on its China-made Model 3 on May 31, and is asking people to guess the price.
Citing a source with knowledge of the matter, Bloomberg reports that Tesla is set to price the locally-built Model 3 between 300,000 yuan ($43,400) and 350,000 yuan ($50,650) before subsidies.
Tesla is already selling the Model 3 in China, but the cars are currently shipped from the U.S., which subjects them to import tariffs and disqualifies them from Chinese EV subsidies. Therefore, right now the most affordable Model 3 in China starts from 377,000 yuan ($54,560).
Tesla’s new plant in Shanghai is expected to start production this year, boosting the company’s competitiveness in the world’s largest car market, which is also home to hundreds of EV rival companies.
Officially dubbed Gigafactory 3, it will eventually have an annual capacity of 500,000 vehicles. The facility, which is located in Lingang near Shanghai’s free-trade zone, is the first wholly foreign-owned plant of its kind in the country.
Local production in China is key for Tesla, as it will not only make its cars cheaper for the domestic market, but it will also considerably speed up deliveries.