Tesla released its upgraded Model 3 in China Friday, giving the global EV company a refreshed offering to compete against its rivals in China's hot EV market. TSLA dropped Friday.
The global EV giant launched its revamped version of the Model 3 in China as buzz surrounding the updated vehicle and the start of Cybertruck deliveries in the U.S. has propelled Tesla stock toward a potential buy point.
Tesla stock fell 5% to 244.97 Friday during market trade. On Thursday, TSLA gained 0.5% to 258.08.
New Tesla Model 3 Pricing
The new Model 3 officially went on presale in China Friday, with prices starting at RMB 259,900 (about $35,850). The previously available Model 3 in China had a starting price of RMB 231,900 (around $32,000). This means that the new Model 3's presale starting price in China is 12% more vs. the old version. Deliveries are expected to begin in Q4.
Tesla is offering a rear-wheel drive base new Model 3 and a dual-motor, long-range version. The new all-wheel drive Model 3 has a presale price of RMB 295,900 (around $40,0651), down from the previous AWD Model 3 price of RMB 331,900 ($45,736).
Many EV companies in China launch new models with a presale and then offer slightly lower final prices when it is officially on sale, according to CnEVPost.
What's Different About The Model 3 Upgrade?
The new Model 3's aerodynamics have been reworked reportedly making it 8% more efficient. These changes give the AWD version a range of 443 miles, up from 419. The rear-wheel vehicle has a 376 mile range, up from the previous 345 miles.
Photos of the upgraded Model 3 show a number of interior and exterior changes. Inside the vehicle, there is a new steering wheel and the rear seats now have their own screens, similar to the Model S.
Before the release, Tesla had started accepting reservations in China for the new Model 3, according to local media reports. The Model 3 Highland was also spotted driving in Germany and France this week, according to posts on X, formerly Twitter. According to the YouTube Channel carwow, which was invited by Tesla to review the new vehicle, the Model 3 will go on sale in Europe in October.
The U.S. will likely make the refreshed Model 3 in a few months.
Tesla Stock This Week
On Wednesday, Tesla stock edged down 0.1% to 256.90. That just barely ended a three-day win streak. TSLA stock did close just above a declining 50-day moving average. A move above Thursday's high of 261.18 could offer an early entry for aggressive investors.
Tesla has forged a new base with an official 299.29 buy point, according to MarketSmith.
Tesla stock surged 7.7% to 257.18 Tuesday, racing past the 21-day line and closing just above the 50-day line. Last week, Tesla stock leapt 10.7% to 238.59, ending a three-week losing streak.
Shares initially pulled back after the automaker reported second-quarter financials on July 19. Investor concerns over falling gross margins outweighed the global EV giant's above-forecast earnings and revenue. News of sales from Cathie Wood's ARK Invest ETFs may also have fueled some downside momentum.
Tesla stock ranks fourth in IBD's automaker industry group. It has a 97 Composite Rating out of 99. Tesla stock has a 88 Relative Strength Rating and its EPS Rating is 93 out of 99.
Please follow Kit Norton on X, formerly known as Twitter, @KitNorton for more coverage.
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