Elon Musk Gives Tesla Buyers Generous Christmas Gift

Musk Says Tesla Should Have Mid-Range Model 3 Orders by Year-End

Musk Says Tesla Should Have Mid-Range Model 3 Orders by Year-End

The announcement comes as the federal tax credit for electric vehicles looms.

Demand for Tesla's Model 3 midsize electric sedan "looks very strong into 2019 and beyond", said Wedbush Securities analyst Dan Ives. Elon Musk has saidthat 2020 is a likely target for production, but hasn't announced if that will happen at the Gigafactory in Nevada, or at the Gigafactory that Tesla is just breaking ground on outside Shanghai for building the Model 3.

How Tesla will cover that $3,750 difference for late deliveries is unclear, but if Tesla gets back to us with more details, we'll update this story. (According to GreenCarReports, Tesla said it would return the deposits of customers who ordered cars but couldn't receive them before the year's end). The auto maker said that the starting price for a Model 3 in the world's largest auto market was now CNY 499 000 (or approximately $72,327).

This has been the third price adjustment, which Tesla Inc introduced in the Chinese market during the past two months.

With the deadline looming, Musk is in full salesman mode tweeting about potential savings from the tax credit along with local savings and his usual pitch about how cost efficient a Tesla or any electric vehicle is with no oil changes, smog checks, and other maintenance costs to worry about.

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On November 22, Tesla cut the prices of its Model 3s to make cars more affordable to Chinese customers.

Tesla released its price for Model 3, with the Model 3 Dual Motor All-Wheel Drive at 588,000 yuan and the Model 3 Performance at 698,000 yuan.

Tesla said it would invest up to US$6 billion over the next two years.

But Tesla has been plagued by numerous production delays, most notably for its popular Model 3 sedan, prompting complaints from customers who have been forced to wait. In the past 52 weeks, Tesla shares have traded as high as $387.46 and as low as $244.59.

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