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The
$2 billion Tesla Inc factory started delivering cars in just 357
days, a record for global automakers in China. The first 10
customers from the public received their China-made Model 3
sedans on Tuesday.
Billionaire CEO Musk danced enthusiastically on stage at the
event, then stripped off his jacket and flung it aside to reveal
a T-shirt with a cartoon of the factory. In a tweet, he labelled
the video "NSFW" - not safe for work.
He predicted that "ultimately Tesla Model Y will have more
demand than probably all the other cars of Tesla combined", with
his voice cracking with emotion at times while talking about the
progress of the Shanghai factory.
The ceremony was attended by Shanghai Mayor Ying Yong and other
senior government officials.
Tesla executives, however, did not provide further details on
the progress of the China-made Model Y project. A Tesla
representative declined to comment further.
Tesla's shares are trading close to their record high after it
beat Wall Street estimates for vehicle deliveries in its fourth
quarter. News of production ramp-up in its China factory and
upbeat early deposits for its recently launched pickup truck
have also supported its share price.
Construction of Tesla's first plant outside the United States
began in January and production started in October.
The factory started with a production capacity of 150,000 Model
3 sedans and Tesla aims to push that to 250,000 vehicles a year,
including Model Y, in the plant's first phase.
Tesla unveiled its Model Y in March 2019 and said in October
that production of the electric compact SUV at its Fremont
facility was running ahead of schedule, adding at the time that
it expects to launch the model by summer 2020.
It has said that margin expectations are higher for Model Y than
Model 3, while production costs are roughly the same.
Tesla's China website estimates the starting price for Model Y
vehicles at 444,000 yuan ($63,911.56). It will announce the
retail price later, the website says. The China-made Model 3
sedans are priced at 355,800 yuan before subsidies.
Shanghai Vice Mayor Wu Qing said he hoped to see Tesla extend
its cooperation with the city and for the car maker to
manufacture more models at its Chinese plant.
($1 = 6.9471 Chinese yuan)
(Reporting by Yilei Sun and Brenda Goh; Editing by Himani Sarkar
and Jon Boyle)
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