Dow Jones futures and other major indexes remained mostly unchanged after hours, with a wave of Fed-friendly economic figures and various earnings reports affecting the stock market rally. Tesla is set to release an upgraded Model 3 in China, while Li Auto, Nio, and XPeng will report August deliveries.
Tesla has officially unveiled the highly-anticipated refresh of its Model 3, including a facelifted front-end design, interior changes, increased range, and improved aerodynamics.
Tesla has unveiled its updated Model 3 EV sedan in China, featuring a sportier exterior, improved battery range, and faster acceleration, although surprising many with a 12% price increase; the upgraded model is expected to boost sales and profit margins for the electric vehicle giant.
Tesla has lowered prices on its Model S and X vehicles, with reductions of 15-19% in the US and similar cuts globally, except for the recently introduced Standard Range model; the base price for the larger-battery versions of both cars is now cheaper than the smaller-battery versions, and the base model now has a larger estimated EPA range; additionally, all paint colors are now included in the base price, and due to changes in federal EV tax credit caps, the Model X can now be cheaper than the Model S after incentives.
Tesla's rivals in China, including Li Auto, BYD, XPeng, and Nio, reported strong August deliveries, with Li Auto achieving a record sales month and Nio deliveries coming close to a record, while the overall China EV market is expected to see growth despite the country's weakening economy.
Tesla was able to boost its sales in China by 9.3% in August, thanks to price cuts.
China's passenger vehicle sales experienced growth in August, driven by discounts and tax breaks on environmentally friendly and electric cars, despite a weak economy, and Tesla's share of the Chinese electric vehicle market nearly doubled.
Tesla has adjusted its plans for the next-generation electric vehicles, including the development of a fully autonomous Robotaxi and an affordable model, both to be produced on the next-generation platform; production of these vehicles will take place in Austin, Texas instead of Mexico due to the unwillingness of engineers to relocate.
Tesla is planning to build another factory and is being sought after by various locations around the world.
