SPY330.65-3.85 -1.15%
DIA276.52-2.38 -0.85%
IXIC10,793.28-117.00 -1.07%

Tesla To Start Delivering Its First China-Made Models On Monday

California-based automaker Tesla Inc. (NASDAQ: TSLA) will deliver the first units of its China-made Model 3 electric vehicle to 15 customers on Monday, a company representative

Benzinga · 12/27/2019 10:45

California-based automaker Tesla Inc. (NASDAQ: TSLA) will deliver the first units of its China-made Model 3 electric vehicle to 15 customers on Monday, a company representative told Reuters.

What Happened

Tesla began accepting orders for the first model made in its still-under-construction Shanghai gigafactory in October. As reported at the time, the Model 3 is priced at about $50,855 (355,800 yuan).

The Elon Musk-led company seems to be running on time with deliveries in spite of hiccups along the way, including its primary battery supplier Panasonic Corporation (OTC: PCRFY) refusing to manufacture the batteries at the Shanghai plant.

Earlier on Thursday, Tesla said that it had reached an agreement with multiple Chinese banks to get up to $1.6 billion in loan for the Shanghai factory over the course of the next few years.

Price Action

Tesla's shares closed 1.34% higher at $430.94 on Thursday. The shares were further 0.71% up in after-hours trading.