Tesla (TSLA) cuts prices in China, releases refreshed Model 3

Shares of Tesla (NASDAQ: TSLA) are up 0.16% in pre-market trading Friday morning after the company announced that they have once again cut prices in China.

The electric automaker announced that they have slashed prices for their premium Model S and Model X vehicles sold in China by between 14% and 21%, according to its official website.

The company also revealed Friday their redesigned Model 3, which is manufactured in China and boasts an extended driving range. This marks the first instance where the automaker has introduced a new model in China prior to the United States. The freshly revamped model is currently in production at Tesla's Shanghai facility and carries a starting price that is 12% higher than its predecessor in the Chinese market. Additionally, it is slated for export to various regions across Asia, Europe, and the Middle East.

The new Model 3 is Tesla's first big change to its affordable car lineup since the successful global introduction of the Model Y in 2020.

Tesla hasn't given us a launch date for the new Model 3 in the U.S. market yet. Right now, they're offering more than $5,000 in discounts on some of the cars they already have in stock in the U.S.

Tesla intends to unveil the newest Model 3 at a trade expo in Beijing this Saturday, and it appears that some of its fresh features, such as a rear display tailored for back-seat passengers, are designed with Chinese car buyers in mind.

Tesla is now open for orders and set to kick off deliveries in China in the fourth quarter. They're also taking orders in other places where they ship vehicles from Shanghai, like Germany, Japan, Malaysia, Australia, and New Zealand.

The new Model 3 is priced at 259,900 yuan ($35,807) in China and starts at 42,990 euros ($46,670) in Germany. Tesla has announced that it will begin deliveries in Europe by late October.

By Michael Elkins | [email protected]

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