Drivers are days away from getting their hands on Tesla’s first Chinese-made cars.
Elon Musk’s electric automaker plans to deliver the first batch of Model 3 sedans produced at its Shanghai factory on Monday, a Tesla representative said.
A lucky group of Tesla employees will receive the first 15 cars on Dec. 30 — less than a year after the company broke ground on its first factory outside the US, according to the representative.
Tesla shares were up about 1 percent at $435.37 in premarket trading as of 8:51 a.m. Friday amid news of the China deliveries.
China’s industry ministry also granted Tesla an exemption from a purchase tax for the Model 3, the automaker announced Friday. That means customers will have to pay less for the sedan, which is priced at about $50,000, according to Bloomberg News.
Silicon Valley-based Tesla began production at its multibillion-dollar Shanghai factory in October. The company has said it plans to build 250,000 vehicles there each year after the addition of its Model Y crossover.
Reports that Tesla may cut Chinese Model 3 prices next year sent Tesla’s stock soaring last week before its share price crossed $420 on Monday. That’s the price at which Musk, Tesla’s billionaire CEO, infamously said he was considering taking the company private last year. The US Securities and Exchange Commission forced Musk to pay a $20 million penalty over his Twitter statement.