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Tesla releases refreshed Model 3 with longer driving range in China

Published : Sunday, 3 September, 2023 at 12:00 AM  Count : 130

SHANGHAI, Sept 2: Tesla  shares fell nearly 6% on Friday after the electric automaker unveiled a restyled, China-made Model 3 with a higher price, while slashing prices of its premium vehicles and its "Full Self-Driving" (FSD) software.

The launch of the new Model 3 sedan marks the first time the automaker has rolled out a vehicle in China ahead of the United States, underscoring its growing reliance on the country where it is in a race for market share with BYD.

The vehicle is being built at Tesla's Shanghai plant and comes with a starting price that is 12% higher than the previous, base model in China. It will also be exported to other markets in Asia, Europe and the Middle East.

Raising the base price on the Model 3, Tesla's top-selling model after the Y, could help protect margins. But the price cuts for its more premium cars highlight the intense competition EV makers face, especially in China.

The automaker led by Elon Musk has started a price war this year that has boosted deliveries but sent its industry-leading margins to a four-year low.

The exterior design of the refreshed Model 3 does not look dramatically different from the previous one, Guidehouse Insights analyst Sam Abuelsamid said.     �Reuters

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