Tesla CEO Elon Musk dances to celebrate Model 3 deliveries in China

Tesla CEO Elon Musk danced to celebrate the first Model 3 sedans rolling of the line at his new plant in Shanghai, China. The company plans to produce 150,000 vehicles annually, and to up that number to 250,000 down the road.

Tesla will begin delivering its Model 3 cars made at its Shanghai factory to Chinese consumers on Tuesday amid a cooling electric vehicle (EV) market in China.

The U.S. carmaker’s venture into the world’s second largest economy has been welcomed by Chinese EV start-ups hoping to get a boost from interest in new energy vehicles.

Tesla has put a lot of focus on China. Its Shanghai factory, which started production in October last year, is the company’s first outside of the U.S. Tesla reportedly produces more than 1,000 Model 3 cars per week at the Shanghai factory, and hopes to grow that to 3,000 in the near future, it previously said.

When Tesla announced the opening of its Shanghai factory in 2018, Chinese electric vehicle sales were growing rapidly, propped up by government subsidies.

Those subsidies have allowed Tesla to recently cut the price of its Model 3 in China. Starting production at its Shanghai plant also means Tesla can avoid import tariffs on its vehicles in China.

Even with the price cut, Tesla’s Model 3 starts at over 300,000 yuan ($43,133). Cars that cost less than 100,000 yuan account for almost half of total cars sold in China, according to Bernstein, making the Model 3 expensive in comparison.

Tesla’s recent price discount however has boosted orders, analysts at JL Warren Capital said, but warned that the company’s pursuit of sales could hurt its margins.

″(Tesla) China is obviously very focused on volume as opposed to margins, given its frequent price change to stimulate demand. Since locally sourced components are limited at this point and batteries are still imported from the U.S., the price cut to drive demand in China market will negatively impact (Tesla) profit,” JL Warren said in a recent note, adding that the surge in orders is likely to taper off as Chinese New Year approaches.

Furthermore, China has now begun reducing its incentives for electric vehicles. Sales of new energy vehicles fell 43.7% in November, according to the China Association of Automobile Manufacturers.



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[manwithtwoeyes]

I feel like that dance should have hurt the stock but it's up 5% today...

[BRBallin]

Last time someone danced this badly, they become the richest men in the world (Bill Gates, Steve Ballmer)

[Vivra_Verra____]

I would be this happy too if my company (Tesla) was doing this well. Stock now over $460 a share. Go Elon! Glad to be invested!

[investingmadesimple]

he is just happy because the stock is so high.

[jameswang]

Great example of making the impossible possible. Focus on the hard work and ignore the stupid politics.

[wolfofdubai]

I knew it, Elon Musk is an Alien in a human body,

Trying to act human captured on camera.🖤

[kabatake]

Wow..The Chinese Tesla factory was built less than a year. That's unbelievable. In the US we would be still arguing with environmental regulators to get approval.

[nolanabell]

I’d be dancing too if I was leading the most important company on the planet today and proving doubters wrong along the way

[leedza]

GoFundMe for Elon to get some dance lessons.

[Staxagrip]

My Tesla stocks shot up . Go Elon go! I have to say how blessed I feel making the right decision to invest with Tesla .

[azamatnosirov]

Can we just applaud China for their insanely hard working employees that made this possible 👍👏👏👏

[davidperez]

Good job Musk, i prefer petrol cars but i know the future will be electric.. One day i will own a Tesla....

[ajaaiprannav]

Alien trying to act like human colourised

[SergioGT]

I am glad i still hold Tesla shares i believe in Elon, and his vision.

[lamintouray]

He’s dancing like someone who just found a $20 bill n his coat pocket. 😂

[sunilgowda]

Ladies and gentleman.... we found it ... meme material

[cocotaveras]

ConGrats Musk and Tesla! Keep up the Great Work 😁😁.

[DramaticVisions]

Musk is a genius no doubt. As you can tell there's slight madness possibly that works to his benefit.

[Timodafu]

This guy is the happiest child on earth

[Khalid]

If I was a worse dancer than Elon, I'd be still dancing if I was him lol Bravo Elon! 👏👏👏