Tesla set to deliver first China-built car in milestone for Musk
BLOOMBERG, New York
Tesla Inc will start delivering China-built cars on Monday next, a major milestone for Elon Musks company as it expands in the worlds largest electric-vehicle market.
The first 15 units of Model 3 sedans assembled at Teslas new multi-billion-dollar Shanghai plant its first outside the U.S. will be delivered to company employees on Dec. 30, capping several months of wins for Musk. The latest came Friday, when the locally built car was included
on a list of vehicles qualifying for an exemption from a 10 per cent purchase tax in China.
The shares closed little changed at $430.38 on Friday. The stock has surged since the carmaker reported a surprise profit on Oct. 23, and is now more than double its year low of $178.93 in June.
Chief Executive Officer Musk is counting on the China plant to help build
on recent momentum for the company in the worlds largest market both for EVs and autos in general.
The Model 3 will compete with electric cars from local contenders such as NIO Inc. and Xpeng Motors, as well
as global manufacturers including BMW AG and Daimler AG.
