Tesla Inc. (TSLA) – Get Report shares powered higher Thursday following reports that the clean energy carmaker had cut prices for its Model 3 sedan in China and could be ready to publish record third quarter deliveries later this week.
Tesla’s China website suggests that starting prices for its popular Model 3, which are now made in its Shanghai factory, have been reduced by 8% to around $36,800 each, while the longer-range version was reduced to around $40,000 each. The new models will also included cheaper lithium iron phosphate batteries, Reuters reported.
Tesla shares were marked 3% higher in pre-market trading Thursday to indicate an opening bell price of $442.20 each, a move that would trim losses since the stock’s five-for-1 split on August 31 to around 11.2%.
A report from the tech-focused ‘electrek’ news website yesterday also suggested Tesla’s third quarter deliveries could come in at a