Add news
March 2010
April 2010
May 2010June 2010July 2010
August 2010
September 2010October 2010
November 2010
December 2010
January 2011
February 2011March 2011April 2011May 2011June 2011July 2011August 2011September 2011October 2011November 2011December 2011January 2012February 2012March 2012April 2012May 2012June 2012July 2012August 2012September 2012October 2012November 2012December 2012January 2013February 2013March 2013April 2013May 2013June 2013July 2013August 2013September 2013October 2013November 2013December 2013January 2014February 2014March 2014April 2014May 2014June 2014July 2014August 2014September 2014October 2014November 2014December 2014January 2015February 2015March 2015April 2015May 2015June 2015July 2015August 2015September 2015October 2015November 2015December 2015January 2016February 2016March 2016April 2016May 2016June 2016July 2016August 2016September 2016October 2016November 2016December 2016January 2017February 2017March 2017April 2017May 2017June 2017July 2017August 2017September 2017October 2017November 2017December 2017January 2018February 2018March 2018April 2018May 2018June 2018July 2018August 2018September 2018October 2018November 2018December 2018January 2019February 2019March 2019April 2019May 2019June 2019July 2019August 2019September 2019October 2019November 2019December 2019January 2020February 2020March 2020April 2020May 2020June 2020July 2020August 2020September 2020October 2020
News Every Day |

Tesla drops China-made Model 3 price by up to 10% as it introduces cheaper batteries

Tesla Model 3_6
Tesla slashed prices for its Chinese-made Model 3 sedans and will power them with cheaper batteries, Reuters reports.
  • Tesla cut prices for its Chinese-market Model 3 sedans by up to 10%, as reported by Reuters.
  • The company will outfit future standard-range Chinese-made Model 3s with cheaper, cobalt-free battery packs, anonymous sources told Reuters recently.
  • Tesla did not confirm which batteries the standard-range car with the updated price currently uses. 
  • The basic Model 3 now costs $249,900 yuan in China, around $36,800 at current exchange rates. 
  • Visit Business Insider's homepage for more stories.

Tesla cut the price of its Chinese-market Model 3 sedans by up to 10%, according to pricing listed on the company's China website. The move came the same week that sources told Reuters Tesla would move to a cheaper battery in certain Chinese-made Model 3s, but it wasn't clear whether that caused the price drop.

A Shanghai-made Model 3 with standard driving range will now run you 249,900 yuan — roughly $36,800 at current exchange rates — after government subsidies. The base cars previously cost 271,550 yuan, or about $39,990, Reuters reported. 

The longer-range models also got price cuts, Reuters added. After subsidies, the long-range model now retails for 309,900 yuan, around $45,640 at current exchange rates. That's down from 344,050 yuan, or approximately $50,670.

The price drops came not long after Reuters, citing unnamed sources, reported that the EV maker would outfit standard-range cars made in China with a new, cheaper battery pack. It wasn't clear at the time of the report whether the cheaper battery would lower the cost of the Model 3, and Reuters said after the price drop that Tesla "did not disclose what batteries the cheaper version uses."

Still, Reuters reported Wednesday that the new battery units would be lithium-iron-phosphate batteries, which are cheaper than the nickel-manganese-cobalt units the carmaker used previously. The new batteries would also be cobalt-free.

Cobalt is one of the priciest metals used in EV-battery manufacturing, and its production is rife with problems. More than half of the world's cobalt supply comes from the Democratic Republic of Congo, where its production includes human-rights violations such as child mining labor.

Elon Musk has expressed plans to reduce Tesla's reliance on the controversial material, tweeting in 2018 that the company's next-generation batteries will "use none."

Telsa did not immediately respond to Business Insider's request for comment.

Read the full Reuters story here.

Read the original article on Business Insider

Read also

Chisora vs Usyk odds: Get massive 80/1 for Dereck Chisora to win with William Hill

Friday Freedom Kicks: DCU coaching search, MLS changes to points-per-game, and more

Austin neighborhood finds creative ways to trick-or-treat this Halloween amid COVID-19 pandemic

News, articles, comments, with a minute-by-minute update, now on — latest news 24/7. You can add your news instantly now — here