Published: Sat, January 11, 2020
Markets | By Otis Pena

Tesla's market value eclipses GM and Ford - combined!

Tesla's market value eclipses GM and Ford - combined!

"Tesla is just about to start deliveries of locally made Model 3s in the very large China market at an attractive price point", he added. The first batch of sedans were handed to its employees.

Argus Research has raised its target price on Buy-rated Tesla Inc.

"We would like to have some room for adjustments as some other outstanding models are around the corner, such as the Model Y", said Li Bin, Nio founder and chairman.

Addressing the audience, also with senior Shanghai government officials, Musk said he is impressed by how efficient the construction of the local factory and production of the Model 3 cars has been in China.

During the Model 3 delivery event held at Tesla's Gigafactory 3 in Shanghai, Tesla said that its Shanghai team will start work on Model Y prototypes in 2020, while also tooling the Shanghai plant for the mid-sized electric sport-utility vehicle's production.

US electric carmaker Tesla officially launched its China-made Model Y program in its Shanghai gigafactory Tuesday, one year after the company broke ground on its first overseas plant.

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Underscoring investors' confidence in Musk and his company's future growth, its market capitalization has outpaced its US rivals, even as their businesses dwarf Tesla's. The Model Y is the next technologically brilliant, useful vehicle that Tesla is putting into production for the masses to adopt, something in between the Tesla Model X and Tesla Model 3.

The China plant is already assembling 1,000 cars a week and aims to double that rate over the next year, Song Gang, the manufacturing director at the facility, said December 30. But the industry is also seeing challenges as the government slashes subsidies and foreign brands like Tesla make inroads into China with their factories.

The Chinese-made Model 3 starts at 299,050 yuan ($42,680) following a price cut announced last month. A Tesla representative declined to comment further. He said the company plans to increase that to 100% by the end of 2020.

Those prices put Tesla closer to some models from domestic EV makers, such as Xpeng Motor's latest P7 sedan, which starts at 240,000 yuan.

The company named after famed inventor Nikola Tesla, who died 77 years ago today, will now need to avoid a repeat of the glitches it experienced at its original auto factory in California. The first electric model, the E-Tron, debuted in November at a starting price of about 693,000 yuan.

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