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Tesla cuts Model 3 prices in China in highly-anticipated move (NASDAQ:TSLA)

Tesla (NASDAQ:TSLA) has reduced the price of the Model 3 in China as expected with the new cobalt-free lithium iron phosphate battery now part of the mix.

The mass-market Model 3s will sell for 249,900 yuan ($36.8K) after government subsidies to clip about 10% from the old price.

As part of the company’s long-term plan, lower prices globally are hoped to open up new segments of Tesla buyers.

Shares of Tesla are up 2.49% premarket to $439.69 with the company’s Q3 deliveries report due out in the next few days.

Read more about Tesla’s plant to use cobalt-free batteries.

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