Tesla launches longer-range Model 3 EV for China with 14% price bump

Tesla has begun offering its longer-range Model 3 variant to Chinese customers as it fights to regain market share from local rivals amid intense competition in the country’s premium electric vehicle (EV) segment.

The US company announced on Tuesday that the new car, which has a range of 830km, would be priced at 269,500 yuan (US$37,492) on the mainland, 14 per cent higher than the basic edition, which has a 634km range.

“The new variant has a longer driving range, and it is better in performance and efficiency,” Tesla China said, adding that customers could place orders from Tuesday, with deliveries slated to begin next month.

The car represents part of Tesla’s effort to cater to rich mainland consumers’ demand for longer-range and more spacious vehicles in the face of mounting challenges from home-grown rivals like Li Auto and Xiaomi.

The EV features a high-performance battery from LG Energy Solution and a single motor with higher peak power than the existing Model 3.

Once the runaway leader in China’s premium EV segment, Tesla’s deliveries on the mainland dropped in July amid escalating competition.

The company’s Gigafactory in Shanghai handed 67,886 Model 3 and Model Y vehicles to customers in China and abroad last month, down 8.4 per cent from a year earlier, according to data from the China Passenger Car Association (CPCA). Deliveries fell 5.2 per cent from June.

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