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Zhu Xiaotong, president of Tesla China, said in an interview that Tesla is developing a cheaper Tesla for the mass market, with an estimated retail price of 16 yuan ($25000), according to several media reports. The model is expected to be a hatchback and will be designed locally for the Chinese market, but will be sold globally.

The car will be designed and manufactured in China, which is Tesla's first time. According to reports, Zhu Xiaotong said, "vehicle design, vehicle engineering, vehicle development and vehicle testing will all be carried out in the new factory and are expected to be put into use in the middle of this year." It is rumored that Tesla will show off the car at the Guangzhou Auto Show in November 2021, which is expected to replace the Model3.

In fact, it is no secret that Tesla will launch a lower-positioning model. At Tesla Battery Day in 2018, Tesla CEO Musk said that he plans to launch an electric vehicle priced at $25000 within three years, and by vertically integrating the production of more powerful batteries, the company can expand the range of electric vehicles and reduce costs. Based on this calculation, an electric car with a price of $25000 will be launched in three years in 2018, which is relatively in line with media reports.

According to previous reports, Tesla's Shanghai factory will introduce a brand new model, which is the third domestic model after Tesla Model 3 and Model Y. Unlike previous models, the third model will be the first to be produced and put on the market in China. The new car has been completed in September 2020, including related testing and research work. The project cycle is six months, and the product verification is expected to be completed in March this year. The model, which is positioned lower than Tesla's Model 3, or will be named Model 2, sells for between 16 and 200000 yuan, making it a compact hatchback.

According to the survey and statistics of the passenger Association, the domestic car market accounted for 46.6% of the market share in 2020, of which the compact car accounted for 28.5% of the car market share, which is the largest class model in the car market.

However, shortly after the relevant media reports, Tesla's Chinese counterparts responded to Science and Technology Innovation Board Daily that "Tesla may launch a cheaper model around 160000" is a rumor and has never been said. "

It is worth mentioning that although Tesla denies the relevant reports, it is certain that netizens "launch a Tesla model with a price of 160000 yuan".

Tesla delivered 15484 vehicles in January, a 35 per cent drop from the previous month, according to the Federation of passengers. Of these, Tesla Model 3 delivered 13843 vehicles in December 2020, an increase of 461.3% over the same period last year and a month-on-month drop of 35.92%.

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