Tesla to break ground on Shanghai Gigafactory today - CEO Musk

Tesla to break ground on Shanghai 'Gigafactory'

Tesla to break ground on Shanghai 'Gigafactory'

The company said it would begin delivering Model 3s to Europe and China in February. Two versions of Tesla's electric vehicle, namely the Long Range Battery and Performance versions, will be available in Europe. The medium range Model 3 which is just rear-wheel drive and travels 260 miles on a charge is not listed on the design studio.

Tesla has said it aims to produce its Model 3 mass-market vehicle from 2019 at the new plant. While pickup trucks and SUVs account for about 70% of USA vehicle sales, Europeans still favor cars. This helped the company have its first profitable quarter in the last two years.

The price cut of $2,000 beginning on Wednesday on the Model 3 - as well as on its higher-priced Model S and Model X - took the market by surprise and weighed on the stock, pushing it down 6.8 percent to close at $310.12, after falling as much as 10 percent during the session. Tesla was so anxious to sell off its stock before the United States federal tax credit for each auto was cut in half at the end of the year that it kept some stores open until midnight on New Year's Eve as was reported in a recent Digital Journal article. He's pointed to sales of the sedan in Europe and China as a main reason he isn't concerned about any potential setback caused by the US federal tax credit toward Tesla purchases halving to $3,750 as of January 1. The company has already cut the price of all its U.S. models to compensate for the halving of the government tax credit. Vehicles that would be produced in Gigafactory 3 include the Model 3 sedan and the Model Y SUV.

Tesla to break ground on Shanghai 'Gigafactory'

The company's Gigafactory, an electric vehicle manufacturing facility, has been under construction in Shanghai, which was the first Gigafactory outside the United States, after the Shanghai government and Tesla signed a cooperative agreement in July 2018.

It is clear based on information from the official Chinese website of Tesla that customers are now allowed to order Model 3s on the site. By late Sunday (early Monday morning in China), invitations for the event emerged online. Under European Union rules, once an automaker's new vehicle has been certified by one national authority, the approval is applicable across the trade bloc.

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