Tesla

Tesla today announced on Weibo that the price of the China-made Model 3 standard-range will be adjusted to 291,800 yuan from now on.

Tesla's earnings report released today shows that their Gigafactory in Shanghai has begun construction of a facility to produce the Model Y, a cross-border sport utility vehicle.

In response to whether the hardware of the China-made Model 3 standard range will be reduced after price cut, Tesla China said in that the specifications will remain unchanged. 

Following the release of its first quarter 2020 earnings report today, Tesla said that 2020 was the first time in its history that Tesla achieved a positive GAAP net profit in a routinely weak first quarter.

China's 2020 new energy vehicle subsidy policy has recently been introduced, making expectations for Model 3 price cuts rise recently. Today's Tesla announcement makes the expectations a reality.

Tesla announced on April 30 that it would reduce the price of the standard range the China-made Model 3 to be able to continue to receive government subsidies.

Tesla is considering cutting prices of some of its cars in China for a second time this year so they will continue to qualify for government rebates on electric vehicles that are being tightened, Bloomberg reported on Wednesday citing people familiar with the matter.

On April 28 at 3pm, Tesla stared its 7th Taobao live broadcast event, where Wei Ya, a Chinese celebrity sales anchor on the Taobao platform, was invited. 

Li Qiang, secretary of the Shanghai Municipal Party Committee, held a video conversation this morning with Elon Musk, CEO of Tesla Inc.

As China's subsidies on new energy vehicle roll back, one analyst sees little influence with Tesla in China.