Tesla launches new Model 3 with 606-km driving range for $35,783

HONGKONG: Elon Musk-run Tesla on Friday started taking orders for an upgraded Model 3 in China with a longer driving range that costs 259,900 yuan ($35,783), 12 per cent more expensive than the previous entry-level electric vehicle.

The new basic edition of the Model 3 can go as far as 606 kms on a single charge, 9 per cent longer than the earlier version’s 556 kms, reports South China Morning Post.

The long-range edition of the new Model 3, which can go 713 kms on a single charge, is selling for 295,900 yuan in the country.

Sales of Tesla cars in China fell 58 per cent month on month in July to 31,423 units, according to latest data, as Tesla faces tough challenge from Chinese rivals like Li Auto, Nio and Xpeng in mainland China.

Tesla also said that new Model 3 cars are available for pre-order in Europe.

The global electric vehicle (EV) sales grew 50 per cent (year-on-year) in the second quarter (Q2) this year, as China’s domestic market continued to dominate globally but growth failed to keep pace with other major markets.

Chinese EV companies continued to dominate as they enjoyed scale advantages at home, allowing them to account for 56 per cent of global unit sales, albeit the lowest Q2 in three years, according to Counterpoint Research.

BYD Auto, GAC Group and Geely Holdings were three of the world’s top five passenger EV makers last quarter.

Earlier, Tesla reported a revenue of $25 billion with a net income of $2.7 billion (up 20 per cent year-on-year) in the second quarter (Q2) this year.

In the second quarter, Tesla produced nearly 480,000 vehicles and delivered over 466,000 vehicles.