The new Model 3 Performance is expected to go on sale in China in the second quarter, and its price tag will likely be close to RMB 400,000 yuan, according to local media.

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Tesla (NASDAQ: TSLA) started sales of the revamped Model 3, or the Highland version, in China last October with only an entry and a long-range version available. Now, the absent Performance version is reportedly not far from being launched.

The new Tesla Model 3 Performance is expected to go on sale in China in the second quarter, and will likely be priced close to RMB 400,000 yuan ($55,730), local automotive media outlet Dongchedi reported today.

The new Model 3 Performance, which has recently rolled off the production line at the US factory, will go into mass production at the end of March at the Shanghai and Fremont plants and go on sale in the first half of this year, according to the report.

The performance variant differs slightly from the on-sale variants in exterior details, with a carbon-fiber spoiler at the rear and "Dual Motors" badging, according to the report, which cited a previously revealed owner's manual.

The new Model 3 Performance will also have the same radial pattern at the rear as the Model S Plaid and Model X Plaid, the report said.

It will feature newly styled rims and upgrades to the braking system, suspension, larger brake discs and more capable tires, the report said.

Powertrain information for this new variant is unknown, while the previous Model 3 Performance came with dual motors with a combined power output of 357 kW and 659 Nm of combined torque.

The old Model 3 Performance could sprint from 0 to 100 km/h in 3.3 seconds and had a CLTC range of 675 kilometers.

Prior to the launch of the Highland version of the Model 3, the sedan was offered in two versions in China, including the entry-level rear-wheel drive version and the dual-motor all-wheel drive Model 3 Performance.

On September 1, 2023, Tesla announced the revamped Model 3 on its Chinese website and began pre-sales.

Formal sales of the revamped Model 3 began in China on October 19, and Tesla said on October 26 that deliveries had begun.

The new Model 3 continues to be offered in two versions in China, including an entry rear-wheel drive version and a longer-range version with dual-motor all-wheel drive, while the previous Performance version became unavailable.

Tesla offered the Model 3 in 2020 in three trims -- an entry version with single-motor rear-wheel drive, a long-range version with single-motor rear-wheel drive, and a performance version with dual-motor all-wheel drive.

When the new Model 3 went on official sale in China on October 19, the starting prices for the two versions were RMB 259,900 and RMB 295,900, respectively.

On November 9, Tesla raised the starting price of the Model 3 Long Range in China by RMB 1,500, and on November 14, it increased the price of the Model 3 entry version by RMB 1,500.

On January 12, Tesla significantly reduced the sedan's price, lowering the starting price of the Model 3 entry version by RMB 15,500 to RMB 245,900, and the starting price of the Model 3 Long Range by RMB 11,500 to RMB 285,900 from RMB 297,400.

Prices for two of the three versions of the Model Y were also cut on January 12, and the SUV now starts at RMB 258,900 in China.

($1 = RMB 7.1774)

Tesla Dec sales in China: Model 3 at 15,750, Model Y at 60,055

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