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BREAKING:

HONDA TO SET UP $15B EV PRODUCTION BASE IN CANADA

Automaker to get up to $5B in government assistance for EV battery, assembly plants

Tesla (TSLA) Set to Launch Model X 75D in China in July

Zacks Equity Research
Updated

Tesla Motors, Inc. TSLA will be introducing Model X 75D in the Chinese market on Jul 2, 2016, according to sources. Model X 75D is expected to cost 850,000 yuan or around $128,000. The vehicle, featuring a 75kWh battery, will offer a range of 237 miles.

Tesla’s Model X 75D will be the new base model of the Chinese Model X lineup that also consists of the 90D and the P90D. Model X was officially launched in China last month. The car has been approved under Beijing’s New Energy Licensing Program. This will facilitate owners of the car to obtain a license plate faster. Tesla’s Model S was also included in this program in 2015. The government in China has been encouraging the use of electric vehicles through this program in order to reduce air pollution.

Tesla has already started delivering Model X in China. On Jun 24, the automaker delivered 5 white and 1 black Model X SUVs to customers in Beijing.

Tesla actively undertakes international expansion. The electric carmaker opened its 100th Supercharger station in China on Jun 27. It is situated in front of the company’s headquarters in Beijing.

Tesla is planning to set up a production base in China, per media reports. The facility will most likely be built in Shanghai, although the cities of Suzhou and Hefei are also lobbying for the investment. This will help Tesla avoid the 25% import tariff imposed by China, thus reducing car prices in the nation. Also, this will likely boost sales. Tesla's global operations will expand further with the opening of new stores and service centers, and the expansion of the Supercharger network.

Tesla currently carries a Zacks Rank #4 (Sell).

TESLA MOTORS Price

TESLA MOTORS Price | TESLA MOTORS Quote

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Stocks that Warrant a Look

Some better-ranked automobile stocks include Commercial Vehicle Group Inc. CVGI, Oshkosh Corporation OSK and Superior Industries International, Inc. SUP, all sporting a Zacks Rank #1 (Strong Buy).

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