Hot on the heels of Tesla is ready to hit the ground running with its new Chinese factory. And as a cherry atop it all, the locally built is going to be even cheaper to purchase now.in the fourth quarter of last year,
The carmaker slashed the starting price of the Model 3 by 9%, Bloomberg reported on Friday, bringing the US dollar equivalent to $46,500 at current exchange rates. The Model 3 previously cost a smidge over $50,000. After Chinese incentives for "new-energy vehicles," the price falls to just under $43,000 -- highly comparable to domestic Chinese automakers also looking to crack into the EV market. Citing its sources, Bloomberg added that as Tesla continues sourcing more components locally, the price should continue to fall.
The Chinese production plant has already started building about 1,000 Model 3 vehicles a day, though CEO Elon Musk's goal is to eventually churn out 3,000 cars a day. Tesla handed over theon Dec. 30 to employees and the automaker said are scheduled to kick off on Jan. 7.
The latest production plant is a major moment for Tesla as it's only the firm's second production plant in the world outside of its California facility. Building cars locally in China will help the company navigate the ongoing US-China trade war, too. Right now, there's zero indication Tesla will start shipping Chinese-built cars to the US, however.
But as Tesla's lineup fills out with the upcoming, and , it's certainly a possibility. Tesla did not immediately respond to a request for comment.