Tesla (NASDAQ: TSLA) has officially launched the new Model 3 variant with a CLTC range of 830 kilometers in China, following the completion of major regulatory procedures for the long-range model last week.
The new variant is the longest-range Tesla model to date, with an expected delivery date in China set for September, according to information on Tesla's website.
Its starting price is RMB 269,500 ($37,490), which is RMB 34,000, or 14.44 percent, higher than the RMB 235,500 starting price of the entry-level variant of the Model 3 in China.
The launch of the single-motor long-range rear-wheel-drive Model 3 brings the total number of Model 3 variants available in China to four.
The other two higher-priced variants -- the long-range all-wheel-drive version and the all-wheel-drive performance version -- are dual-motor models, with starting prices of RMB 285,500 and RMB 339,500, respectively.
As of now, all four versions of the Model 3 in China have completed range upgrades, Tesla said on Weibo today.
On July 1, Tesla raised the price of the long-range all-wheel-drive version of the Model 3 in China to RMB 285,500 and extended the range from 713 kilometers to 753 kilometers.
The latest long-range rear-wheel-drive Model 3 can accelerate from 0 to 100 km/h in 5.2 seconds and has a top speed of 200 km/h.
The new variant with a battery capacity of 78.4 kWh uses the same LG Energy Solution ternary batteries as the two higher-priced variants, according to previous filings. The rear-wheel drive Model 3 is equipped with lithium iron phosphate (LFP) batteries from CATL (SHE: 300750).
The launch of this new Model 3 variant comes at a time when Tesla is facing significant pressure on its sales in China, as domestic competitors are becoming increasingly numerous and competitive.
In January-July, Tesla delivered 304,027 vehicles in China, down 6.32 percent year-on-year, according to data compiled by CnEVPost.
The decline was primarily driven by the popular Model Y, which sold 202,257 units in China in January-July, down 17.15 percent year-on-year.
The Model 3 sold 101,770 units in China from January to July, up 26.54 percent year-on-year.
To boost sales, Tesla continues to offer incentives for the Model 3 in China, including five years of interest-free financing, a RMB 8,000 discount on paint, and a RMB 8,000 insurance subsidy, but excludes the highest-priced performance version of the sedan.
In addition to this new Model 3 variant, Tesla will launch a six-seat Model Y L in China this fall. The Model Y currently sold in China is a five-seat version.
The Model Y L has a battery pack capacity of 82.0 kWh and a range of 751 kilometers, according to a regulatory filing last week.
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