Australia markets open in 5 hours 22 minutes

Tesla gets OK to produce long-range Model 3 at China factory

Kirsten Korosec
Aerial photo of Tesla factory in New Lingang District, Shanghai. The number of black and white model 3 cars in the parking lot is about 500.

Tesla has received government approval to produce the long-range rear-wheel-drive version of its Model 3 vehicle at its Chinese factory, according to documents posted Friday on the Ministry of Industry and Information Technology website.

Reuters was the first to report the story.

Tesla started producing a standard-range-plus rear-whee-drive version of the Model 3 at its Shanghai factory late last year. The first deliveries began in early January. This approval allows Tesla to add another variant to its Chinese portfolio. Eventually, Tesla plans to manufacture the Model Y electric vehicle at the China factory.

The move is notable because Tesla discontinued production of the long-range RWD Model 3 in the U.S. and now only offers that variant as a dual-motor all-wheel drive. It also appears to be a shift from Tesla's initial plan to sell a more basic version of the Model 3 in China.

The standard-range-plus Model 3 can travel 276 miles on a single charge, according to Tesla's China website. The company hasn't posted a range on its Chinese website for the longer-range variant.

Tesla struck a deal with the Chinese government in July 2018 to build a factory in Shanghai. It was a milestone for Tesla and CEO Elon Musk, who has long viewed China as a crucial market. And it was particularly notable because China agreed for this to be a wholly owned Tesla factory, not a traditional joint venture with the government. Foreign companies have historically had to form a 50-50 joint venture with a local partner to build a factory in China.

  • Finance
    Australian Associated Press

    Wall St gains as investors mull stimulus

    US shares have opened in positive territory as a government fiscal stimulus package boosted investor sentiment.

  • Finance
    Australian Associated Press

    Saudi Arabia plans to boost oil exports

    Saudi Arabia plans to increase crude oil exports by about 600,000 barrels per day from May, an official says.

  • Stimulus deal boosts ASX200 a record 7%
    Finance
    Australian Associated Press

    Stimulus deal boosts ASX200 a record 7%

    The Australian share market has rallied for a 7.0% gain after the government announced new stimulus measures aimed at helping businesses.

  • Aust firm taking virus detection to Europe
    Finance
    Australian Associated Press

    Aust firm taking virus detection to Europe

    A Sydney company's stocks have surged after it announced it applied for European registration of its coronavirus detection kit.

  • Supermarkets price gouging? ACCC says no
    Finance
    Australian Associated Press

    Supermarkets price gouging? ACCC says no

    Supermarkets have not been price-gouging consumers desperate for food during the coronavirus pandemic, according to the ACCC.

  • Rapid COVID-19 testing coming to Aust
    Finance
    Australian Associated Press

    Rapid COVID-19 testing coming to Aust

    Pinprick blood tests that can detect the COVID-19 coronavirus in just minutes are rolling out to doctors clinics and mobile testing sites across Australia.

  • NIB boss wary of lengthy virus battle
    Finance
    Australian Associated Press

    NIB boss wary of lengthy virus battle

    NIB boss Mark Fitzgibbon says the insurer will easily handle postponing premium increases, but he can see greater cost from the coronavirus pandemic.

  • BOQ, QBE can outlooks, Ansell sales up
    Finance
    Australian Associated Press

    BOQ, QBE can outlooks, Ansell sales up

    Bank of Queensland, QBE and Tyro Payments have withdrawn guidance but Ansell has boosted protective glove sales as the coronavirus pandemic continues

  • Banks move to support landlords, tenants
    Finance
    Australian Associated Press

    Banks move to support landlords, tenants

    The ABA said Australian banks will extend the six-month deferral of loans to more businesses.

  • Finance
    Australian Associated Press

    AAP Markets report for Monday, March 30

    Movements on overseas markets.

  • Aust market picture blurry as virus bites
    Finance
    Australian Associated Press

    Aust market picture blurry as virus bites

    While the coronavirus-impacted Australian stock market is set to open flat on Monday, what occurs over subsequent hours and days is anyone's guess.

  • Global economy is in recession: IMF head
    Finance
    Australian Associated Press

    Global economy is in recession: IMF head

    It is clear that the global economy is in a recession amid the COVID-19 outbreak, International Monetary Fund managing director Kristalina Georgieva says.

  • Aust stocks plunge, snapping gain streak
    Finance
    Australian Associated Press

    Aust stocks plunge, snapping gain streak

    Australian stocks have plunged 5.3 per cent, snapping a streak of three consecutive days of gains.

  • Scentre, Premier locked in COVID-19 stoush
    Finance
    Australian Associated Press

    Scentre, Premier locked in COVID-19 stoush

    Solomon Lew's Premier Investments has accused Westfield mall owner Scentre Group of failing to act after a COVID-19 health scare at a Brisbane mall.

  • Woolies hiring 20000, others flag cuts
    Finance
    Australian Associated Press

    Woolies hiring 20000, others flag cuts

    Woolworths is creating 20,000 new jobs to meet unprecedented demand, however a growing list of companies are shutting their doors and standing down staff.

  • Woodside slashes spending amid uncertainty
    Finance
    Australian Associated Press

    Woodside slashes spending amid uncertainty

    Woodside Petroleum will cut spending and defer a final investment decision on a number of projects amid the coronavirus spread.

  • Finance
    Australian Associated Press

    AAP Markets report for Friday, March 27

    Movements on overseas markets.

  • Finance
    Australian Associated Press

    Stocks slip as jobs angst trumps stimulus

    World share markets fell as worries over US jobs data outweighed a $US2 trillion US stimulus package aimed at lessening the economic impact of the coronavirus.

  • ASX rallies again after US stimulus deal
    Finance
    Australian Associated Press

    ASX rallies again after US stimulus deal

    Australian shares have followed global markets higher after the US approved a huge stimulus deal.

  • Retail bleeds jobs, Lew defies landlords
    Finance
    Australian Associated Press

    Retail bleeds jobs, Lew defies landlords

    Solomon Lew says Premier Investments will not pay rent during a virus-necessitated shutdown of its stores as thousands of retailers across the nation shed jobs.

  • Virgin redundancies to top 1,000: CEO
    Finance
    Australian Associated Press

    Virgin redundancies to top 1,000: CEO

    More than 1,000 Virgin Australia workers will likely be made redundant from the 8,000 asked to stand down from their jobs.

  • ACCC gives green light to Bauer merger
    Finance
    Australian Associated Press

    ACCC gives green light to Bauer merger

    The ACCC has determined Bauer Media's proposed merger with Pacific Magazines was unlikely to substantially lessen competition in relevant markets.

  • Brickworks first-half profit drops 50%
    Finance
    Australian Associated Press

    Brickworks first-half profit drops 50%

    Brickworks first-half statutory net profit after tax drops by 49 per cent to $58 million in the wake of the coronavirus.

  • Flight Centre to stand down or sack 6,000
    Finance
    Australian Associated Press

    Flight Centre to stand down or sack 6,000

    A total 6,000 Flight Centre support and sales roles across the globe will either be stood down or, in some instances, become redundant.

  • AMP outlook shelved, Life sale on track
    Finance
    Australian Associated Press

    AMP outlook shelved, Life sale on track

    AMP says it is on track to complete the sale of its wealth protection unit in June despite disruptions caused by the coronavirus pandemic.