Tesla's revamped Model 3 is expected to go on sale in China within half a month, with some stores already accepting reservations from consumers for the new model, according to local media.
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Tesla's (NASDAQ: TSLA) revamped Model 3 sedan is expected to go on sale in China within half a month, local media China Securities Journal said in a report today, citing a person familiar with the matter.
Although Tesla is offering several deals for the Model 3 in China, potential customers are still choosing to wait and see for an updated version of the model, according to the report.
Meanwhile, some of Tesla's stores have begun accepting reservations for the revamped Model 3 from Chinese customers, the report said.
On August 14, Tesla cut the prices of two pricier versions of the Model Y in China both by RMB 14,000 ($1,920), and offered a RMB 8,000 insurance subsidy for entry-level Model 3 inventory vehicles.
Prior to this, Tesla was already running promotions for the Model 3, including increased referral incentives.
Despite the multiple offers, the Model 3 remains a tough sell as potential customers wait for the new model, the China Securities Journal report noted.
On March 1, Reuters reported that Tesla was working to retool its Shanghai assembly plant for a revamped version of the Model 3, codenamed Highland by Tesla.
The Highland version of the Model 3 is expected to go into production in Shanghai in September, the Reuters report said, citing a person familiar with the matter.
On July 7, local media outlet Jiemian reported that production line tuning of the revamped Model 3 was almost complete, with prototypes then being tested on the factory's roads over the weekends.
Tesla has begun accepting reservations for the new Model 3 in China, with a salesperson saying that customers who pay RMB 1,000 for a reservation now can choose a vehicle that has already been produced or wait for other models, including the revamped version of the Model 3, according to China Securities Journal.
Customers who choose a Model 3 that has already been produced can take advantage of the discounts Tesla is currently offering, including a RMB 8,000 insurance subsidy and a RMB 3,500 referral bonus, the report noted.
If customers choose to wait for the new model, then they can still enjoy the same RMB 3,500 friend referral bonus if they get delivery within 60 days, according to the report.
Tesla builds the Model 3 and Model Y at its Shanghai plant, and they delivered 31,423 vehicles to local customers and exported 32,862 in July, according to the China Passenger Car Association (CPCA).
Tesla also today nearly doubled the discounts it's offering in China for the Model S and Model X from earlier, after a promotion for both models began on July 1.
($1 = RMB 7.2946)
Tesla cuts Model Y prices in China, offers insurance subsidy for Model 3
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