Tesla Inc. unveiled the first refresh of its popular Model 3 sedan with a sleeker look and longer range, but with a heftier-than-expected price tag in China where the EV maker coming under increased pressure from local rivals.
The new iteration of the four-door sedan has a single-charge range of 606 kilometers and will be priced from 259,900 yuan in Asia’s biggest economy. That’s 12% more than the older version, which used to sell from 231,900 yuan and had 556 kilometers of range.
Analysts were looking for a lower price tag in China that could help the company defend its No. 1 EV position, which is under growing threat from domestic rivals like BYD Co. — which aims to sell 3 million vehicles this year — and Nio Inc. and Xpeng Inc., which are expanding their lineups with cars tailored to local tastes.Deliveries from Tesla’s Shanghai factory fell to the lowest level this year in July.
“Tesla has discovered that to win in China’s hyper-competitive EV market, you must race faster than anywhere else in the world,” said Bill Russo, a former Chrysler executive who’s now chief executive officer of Automobility Ltd., a Shanghai-based consultancy.
Philippines Latest News, Philippines Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
UAE's G42 launches open source Arabic language AI modelBy Max A. Cherney (Reuters) - A group of engineers, researchers and a Silicon Valley-based chip company collaborated to release advanced Arabic ...
Read more »
Japan's Simplex launches first ETFs focused on stocks below book valueBy Junko Fujita TOKYO (Reuters) - Japan's Simplex Asset Management said it will launch exchange-traded funds focused on undervalued stocks, including ...
Read more »
Canada's emergency alerts are being used more often, but their funding model is shrinkingCable-television subscribers will continue to support the alert system as the CRTC extends funding model.
Read more »
Canada's emergency alerts are being used more often, but their funding model is shrinkingCable-television subscribers will continue to support the alert system as the CRTC extends funding model.
Read more »
| Is China's model of economic success doomed to failure?As China's property market goes through another meltdown, critics warn China's form of 'despotic capitalism' could be facing its Minsky moment. But can Beijing's leadership put the economy back on track? Or will Xi Jinping have to resort to harsher methods?
Read more »