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MarketScreener Homepage  >  Equities  >  SHENZHEN STOCK EXCHANGE  >  Contemporary Amperex Technology Co., Limited    300750   CNE100003662

CONTEMPORARY AMPEREX TECHNOLOGY CO., LIMITED

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Tesla cuts starting price for China-made Model 3 cars by 8%

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10/01/2020 | 03:50am EDT
FILE PHOTO: Tesla China-made Model 3 vehicle owner sits inside a car during a delivery event at Tesla's Shanghai factory

U.S. electric car maker Tesla cut the starting price of its Chinese-made Model 3 sedans on Thursday by about 8% to 249,900 yuan ($36,805), once Chinese subsidies for electric vehicles are taken into account, according to its China website.

Previously, the starting price for Model 3 sedans made in Tesla's Shanghai factory with a standard driving range was 271,550 yuan, after state purchase subsidies.

Sources told Reuters that the standard range Model 3 sedans would now come with lithium iron phosphate (LFP) batteries which are cheaper than the nickel-cobalt-manganese (NMC) cells it used previously.

Tesla did not disclose what batteries the cheaper version uses.

The price for Model 3 vehicles with a longer range is now 309,900 yuan, down from 344,050 yuan.

Tesla started to deliver cars from the Shanghai factory in December, helping it save on shipping costs and tariffs for imported models.

Tesla sold more than 11,000 vehicles, mostly Model 3s, in August in China, the world's biggest car market.

It is also building new car manufacturing capacity for Model Y sports-utility vehicles in Shanghai and expects to start delivering them from next year.

($1 = 6.7898 Chinese yuan renminbi)

(Reporting by Yilei Sun, Lun Tian Yew and the Beijing Newsroom; Editing by David Clarke)


Stocks mentioned in the article
ChangeLast1st jan.
CONTEMPORARY AMPEREX TECHNOLOGY CO., LIMITED -3.84% 232.33 End-of-day quote.118.36%
TESLA, INC. 0.17% 422.64 Delayed Quote.405.15%
UNITED STATES DOLLAR (B) / CHINESE YUAN IN HONG KONG (USD/CNH) 0.16% 6.6508 Delayed Quote.-4.35%
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Financials
Sales 2020 49 898 M 7 503 M 7 503 M
Net income 2020 5 134 M 772 M 772 M
Net cash 2020 20 577 M 3 094 M 3 094 M
P/E ratio 2020 103x
Yield 2020 0,11%
Capitalization 541 B 81 383 M 81 374 M
EV / Sales 2020 10,4x
EV / Sales 2021 7,65x
Nbr of Employees 26 775
Free-Float 98,8%
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Mean consensus OUTPERFORM
Number of Analysts 30
Average target price 220,91 CNY
Last Close Price 232,33 CNY
Spread / Highest target 37,7%
Spread / Average Target -4,92%
Spread / Lowest Target -82,4%
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Managers
NameTitle
Jia Zhou General Manager & Director
Ying Ming Wu Chairman-Supervisory Board
Yu Qun Zeng Chairman
Shu Zheng Chief Financial Officer
Ping Li Vice Chairman
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