Tesla to start delivering China-built cars on Monday - Bloomberg

Dec. 27, 2019 7:41 AM ET|About: Tesla, Inc. (TSLA)|By: Liz Kiesche, SA News Editor 

Tesla (NASDAQ:TSLA) rises 1.2% in premarket trading after confirming 11.25B yuan ($1.6B) of loans from Chinese banks and after news that the electric car company will start delivering China-built cars on Monday.

The first 15 units of Model 3 sedans assembled at Tesla's new Shanghai factory will be delivered to company employees on Dec. 30, Bloomberg reports, citing a phone interview with a Tesla representative.

Tesla's Model 3 will compete with electric vehicles from local companies including Nio and Xpeng Motors and global automakers BMW and Daimler.

Tesla founder Elon Musk has predicted that the company will make at least 1,000 cars per week in Shanghai by the end of the year.

Earlier today, the China-built Model 3 was included on a list of vehicles qualifying for an exemption from a 10% purchase tax in the country.

In October, the company said the locally built sedan will be priced at ~$50,000. This month, the China-built car qualified for a government subsidy of as much as 25,000 yuan ($3,600) per vehicle.