Tesla opens Chinese plant as era of real competition begins

Tesla Starts Delivering Chinese-Made Model 3 Sedans for Half the Price of the US-Made

Elon Musk's celebrations continued this week as he danced on to a stage in Shanghai to celebrate first Model 3 rolling off the production line at the company's new China plant, which is Tesla's first gigafactory outside the US. In October 2018, the company was granted approval to use an 864,885-square-meter tract of land in Lingang for its Shanghai plant.

Tesla Inc. CEO Elon Musk participated in the delivery ceremony and handed over Model 3 sedan keys to 10 customers.

Musk said it was just the start of what will be a growing investment in China by the California-based electric-vehicle pioneer.

Within a year, the company achieved two of the milestones for Musk's award: it brought in more than US$20 billion in aggregate revenue over four quarters and booked more than US$1.5 billion in adjusted earnings before interest, taxes, depreciation and amortisation over that span.

Tesla slashed prices January 3 on China-made Model 3s to as low as 300,000 yuan ($43,035) after the company secured a 10% tax break for electric cars from Chinese regulators.

China is the biggest global market for electrics, but Tesla's manufacturing launch comes at a time when sales are sagging following the end of government subsidies in mid-2019.

Tesla executives, however, did not provide further details on the progress of the China-made Model Y project. Short sellers of Tesla stock have lost approximately $8.4 billion over the course of the last seven months as the electric auto manufacturers stock has reached record highs, beating investor expectations.

Ash Barty stunned by qualifier Brady in belated first match in Brisbane
ASHLEIGH Barty's long wait to get under way in the Brisbane International was followed by the briefest of appearances. Brady, who defeated Maria Sharapova in the first round after three qualifying games, meets Petra Kvitova, fifth.

Last year, Tesla delivered around 367,500 vehicles globally, with the Model 3 sedans accounting for 83 percent.

"Tesla has all the features of premium brands, and its products including battery performance have been proven".

US electric carmaker Tesla officially launched its China-made Model Y program in its Shanghai gigafactory Tuesday, one year after the company broke ground on its first overseas plant. Its China strategy has become its new growth driver.

Rival electric vehicle models from Audi, Jaguar and Porsche have fallen short of Tesla's driving range between charges and failed to match Tesla's brand cachet. NIO's SUVs start from 358,000 yuan, though that price doesn't take into account subsidies.

The Shanghai factory is now assembling more than 1,000 cars a week, with an aim to double that rate this year, according to Bloomberg.

Underscoring investors' confidence in Musk and his company's future growth, its market capitalization has outpaced its USA rivals, even as their businesses dwarf Tesla's. The market share of these pricier vehicles of total new-energy vehicle sales expanded from 6.2% in 2017 to 25.4% in October 2019.

Related News:

Most liked

Pelosi To Send Articles Of Impeachment To Senate Next Week
The president's fate is all but certain: The Constitution requires two-thirds of the Senate - or 67 senators - to support removal. West Virginia's three House members - David McKinley, Alex Mooney and Carol Miller - voted against the articles of impeachment.

Strong winds and heavy rain Today — ALERT DAY
Strong storms and heavy rains will make their way east throughout the day, impacting states from Texas to Maine. Damaging winds and isolated tornadoes remain the main threat but hail and flash flooding will be possible, too.

Mysterious virus spreads in China, over 40 people infected
Shortness of breath, chills and body aches are associated with more risky kinds of coronavirus , according to the U.S. No deaths have been reported, nor has any case been reported of human-to-human transmission.

Alexis Eddy, ‘Are You The One’ cast member, dies at 23
While Alexis had celebrated her engagement back in October, it appears from social media that her relationship recently ended. The MTV reality star was dead because of reasons not yet completely identified but it was due to cardiac arrest .

Now, World Bank lowers India’s FY20 growth estimate to 5%
Among other threats to growth, the World Bank cited weak productivity gains in many countries and a sharp rise in global debt burdens.

Brady Hoke Officially Lands New College Football Job
Wicker also said he was "in the process" of sitting down with Long to "discuss ways we can improve our program". Long said he listened to those coaches inquiring about those jobs and even visited a couple of those schools.

Lizzie McGuire Reboot Loses Original Creator and Showrunner
Perhaps Minsky wasn't on board with the vision Disney + had for its version of Lizzie McGuire . She later took to the official Disney + Instagram to share her excitement for the series.

Logan Paul says he's 'serious' about potential fight vs. Antonio Brown
Since his fight with KSI , Paul has expressed an interest in having more boxing matches and pursuing a professional boxing career. He weighed in at 189.6 lbs in the first fight with KSI and 199.4 lbs in the rematch.

Everything that Google has announced on CES 2020
In addition to the news that the Google Assistant now has half a billion monthly users, Google also announced a few new features. Furthermore, the company says that this content can also be translated into 42 languages, such as Hindi, German or Spanish.

Samsung Galaxy S10 Lite to cost INR 40000 in India
Koh himself confirmed that the new phones will indeed be called Galaxy S20 , Galaxy S20 Plus, and Galaxy S20 Ultra. A technical detail of the report is that both the Galaxy Bloom and the Galaxy S20 support 8K video recording.

Third Michigan vaping-related death reported
The term EVALI is used among health officials as shorthand for "e-cigarette, or vaping, product use-associated lung injury". The death is the third in MI , following one on October 2, 2019 and one on November 26, 2019.

Trudeau says Canada working to get consular officials into Iran
Canada , where 63 of the victims came from, said it had intelligence from multiple sources to support the US's findings. A defence expert said the plane's radar signature would have been similar to a large US military transport plane.

USA tried to take out another Iranian leader, but failed
They have also yet to provide evidence of the "imminent" danger from Iran that they claim justified the strike on Soleimani. Trump on Friday said Iran probably had targeted the USA embassy in Baghdad and was aiming to attack four U.S. embassies.

Shane Warne's Baggy Green Sells For More Than $1 Million
Writing when he launched the auction, Warne said: "Lives have been lost, homes have been destroyed and over 500 million animals have died too".

Pelosi ends standoff with Senate Republicans over impeachment articles
Trump mocked Pelosi with his tweets Friday and derided her and other Democrats late Thursday in Toledo, his first rally of 2020. I'll send them over when I'm ready, and that will probably be soon, ' she said Thursday at a press conference on Capitol Hill.