Tesla Unveils Upgraded Model 3: What's Different About The New Vehicle?
Tesla released its upgraded Model 3 in China, offering a more efficient and refreshed version of the popular electric vehicle to compete in China's EV market.
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Posted 9/1/2023, 1:40:00 PM
investors.com
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Tesla's stock is surging and flirting with a buy point due to positive buzz around the company's upgraded Model 3 and upcoming Cybertruck, as well as the increase in Tesla insurance registrations in China.
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'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 has released a revamped version of its Model 3 sedan, featuring a sleeker design and new features, while raising the price by 12% in China and cutting the price of its Full Self-Driving feature in the US by $3,000.
Mercedes-Benz unveiled an electric vehicle with a longer range than any Tesla model on the market, as the company intensifies its efforts to challenge Elon Musk and expand its presence in the luxury electric car market.
Tesla was able to boost its sales in China by 9.3% in August, thanks to price cuts.
Tesla's production at its manufacturing plant in Shanghai increased in August to meet Wall Street's output targets.
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.