Tesla starts deliveries of made-in-China Model 3
The move is expected to significantly boost sales in China
Stocks impacted: Tesla Inc. (TSLA)
After weeks of waiting for official sale approval, Tesla starts deliveries of its new made-in-China Model 3 vehicles in just under a year since it began work on the $2 billion plant. Decent deliveries are expected to follow since Tesla has been steadily producing and shipping made-in-China Model 3 vehicles out of gigafactory 3 for weeks now. Also, the company is going to ramp up deliveries from next month. The Shanghai gigafactory is Tesla’s first outside the U.S., and is expected to significantly boost sales in China, which Tesla believes could become the largest market for its lower-priced Model 3 sedan. Tesla shares have been rising since announcing in October a surprise third-quarter profit, surging 77% since then. Shares closed Friday above $430, and are up nearly 30% year to date.
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