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Tesla's Model 3 will drive into Chinese market in March

Tesla Inc. will start delivering its Model 3 vehicles to consumers in China in March.

Late March shows up as the estimated delivery time on Tesla's China website, Tesla confirmed to S&P Global Market Intelligence, following a report by Reuters.

The company said the Model 3 Performance and Dual Motor AWD variants are now available for configuration in the Chinese market. The Model 3 Performance offers a range of 595 kilometers and starts at 560,000 yuan, according to Tesla. The Model 3 Dual Motor AWD offers a range of 590 kilometers and starts at 499,000 yuan.

In December 2018, Tesla lowered its Model 3 price in China by up to 7.6%.

Tesla is working on opening a factory in Shanghai, where the automaker plans to build Model 3 and Model Y vehicles, Reuters reported in December 2018.

In the U.S., Tesla lowered its vehicle prices by $2,000 on Jan. 2 to help offset the phasing out of the federal electric-vehicle tax credit for consumers. The company also announced that it would begin delivering Model 3 vehicles in Europe and China in 2019 before expanding to other international markets later in the year. Tesla faces more competition in international markets as other automakers launch electric models.

As of Jan. 4, US$1 was equivalent to 6.87 yuan.