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China's industry ministry had earlier said Tesla's Model 3 cars,
being built at its $2 billion factory in Shanghai, were on a
list recommended for subsidies for new energy vehicles (NEVs),
which include plug-in hybrids, battery-only electric vehicles
and those powered by hydrogen fuel cells.
Tesla said in a statement the subsidies had been secured.
Two variants of Tesla Model 3 vehicles are on the list for the
generous NEV subsidy program, according to the website of
China's Ministry of Industry and Information Technology.
The California-based electric vehicle maker aims to make more
than 1,000 vehicles a week by the end of 2019 for it Shanghai
plant and deliver the China-made vehicles before the Chinese new
year on Jan. 25.
The annual capacity at the factory in its first phase is
expected to reach 250,000 vehicles, equivalent to about 4,800 a
week. This will include 150,000 Model 3 cars.
It was not immediately clear how much of a subsidy the vehicles
would receive. The starting price for China-made Model 3 cars is
355,800 yuan ($50,550), according to Tesla's website.
China hopes sales of NEVs which constituted around 4.6% of
overall market in 2018, can reach a quarter of car sales in
2025.
Tesla, led by billionaire Elon Musk, is planning a broad
after-sales network in China.
(Reporting by Yilei Sun and Brenda Goh; Editing by Edmund Blair)
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