Tesla Gets Ready to Release Model 3 in China
On November 7, Tesla’s official Weibo account announced that the Chinese-made Tesla Model 3 is “coming soon” to the largest automotive market in the world. The teaser showed the domestic Model 3 with the Chinese characters “特斯拉” (Tesla) printed on the back of the car.
According to previous reports, the Tesla Gigafactory in Shanghai officially started production of Model 3 last month. The first batch is expected to be delivered in the first quarter of next year.
“China is by far the largest market for mid-sized premium sedans. With the Model 3 priced on par with gasoline-powered mid-sized sedans (even before gas savings and other benefits), we believe China could become the biggest market for the Model 3,” Tesla said in their third quarter earnings call.
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Tesla’s has set out to produce 3,000 Model 3 cars a week, with a goal of churning out 12,000 Model 3 vehicles a month, which is a much greater projection than what Wall Street analysts believe to be possible. Analysts predicted that Tesla could produce around 1,100 vehicles a week in 2021.
Tesla’s release of the Model 3 in China is a huge step for the electric car manufacturer. China has the largest market for cars in the world and overtook the United States in terms of vehicle volume, registering over 24.6 million cars purchased in 2015 alone, compared to the 17.2 million vehicles bought in the US. The country’s EV industry remains strong as well, as the government has injected $60 billion into the development of battery-powered cars since 2008.