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Tesla sales in China jump 450% as it bounces back from coronavirus

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Tesla's China car registrations jumped 450% in March to 12,709 units in March from 2,314 in February as the country starts to bounce back from the Coronavirus outbreak.

"Tesla stock has jumped 28% in the past two days as investors look beyond disruptions caused by the pandemic, which has forced Tesla to close its California factory, furlough workers and cut salaries."

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The price of a Model 3 in China is rising after the Chinese government kicked off a three-year plan to scale back subsidies on new-energy vehicles.


Tesla raised the starting price of its bestselling electric carin China, reversing its price cuts in the past few months after the Chinese government kicked off a three-year plan to scale back subsidies on new-energy vehicles.

A Tesla Standard Range Model 3 sedan, assembled at the carmaker’s Gigafactory 3 in Shanghai, will now carry a sticker price of 303,550 yuan (US$42,874), compared with 299,050 yuan a week ago. The Long Range Model 3 will be priced 1.5 per cent higher at 344,550 yuan when it arrives in showrooms in June, according to Tesla’s website.

The increases are a direct reaction to yesterday’s announcement of a 300,000 yuan cut-off for electric cars to qualify for rebates from the Ministry of Finance. Subsidies will be trimmed by 10 per cent this year, cut by 20 per cent in 2021, and reduced by 30 per cent in 2022 according to the ministry, in a plan to spur local manufacturers to innovate and compete against petrol guzzlers and imported marques.

“The price rise will have only a short-term impact on Tesla’s sales,” said Tian Maowei, sales manager at Yiyou Auto Service in Shanghai. “An extra 4,500 yuan will not be enough to make those middle-class buyers change their minds if they are fans of Tesla cars.”

China’s rebates on electric vehicles were first introduced a decade ago to nurture local assemblers, a strategy that has turned the largest vehicle market on the planet into the biggest for new-energy cars. Subsidies initially lopped as much as 60,000 yuan from a vehicle’s price tag, excluding any extra goodies thrown in by local authorities to support their hometown industries.

The EV sector is also one of the key areas that Beijing wants local manufacturers to catch up with the global leaders in terms of technological standards, a vision etched in the
ambitious “Made in China 2025” industrial strategy.

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