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Wait time for Model 3 drops to two weeks in all-important China market, as Tesla speeds up production in Shanghai

  • Tesla delivered 14,954 units, accounting for 23 per cent of the national total, in June
  • US carmaker has also lowered deposits for cars to 1,000 yuan from 20,000 yuan

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The Tesla factory in Shanghai. Photo: Reuters

“I waited two months for delivery, but it was worth it,” said Katherine Zhang, who received her Tesla Model 3 in June. “The Autopilot feature is of great help to me, as I’m an inexperienced driver. This is my dream car.”

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The sedan, manufactured at the US carmaker’s Gigafactory 3 in Lingang, Shanghai, has helped the marque clinched the top spot in mainland China. In June, Tesla delivered 14,954 units, accounting for 23 per cent of the national total, according to the China Passenger Car Association.

And now, the wait for Model 3s has dropped to just two weeks for Tesla’s mainland fans, after production was ramped up at the Shanghai plant. The reduced wait time was confirmed by a sales manager at Tesla’s showroom at Taikoo Hui shopping centre in Shanghai.

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The news comes after the carmaker reported a profit of US$104 million for the quarter ending June 30, a surprising performance given the coronavirus pandemic, on Wednesday. A day earlier, Elon Musk, the company’s chief executive, unlocked an additional 1.69 million stock options. At US$350.02 a share, he would reap a US$2.1 billion gain if he exercised and could immediately sell the shares.

“An increase in production [in Shanghai] benefited the company,” said Qian Kang, the owner of a Zhejiang-based car components company. “[The Model 3] has become a star model and a key driver of growth in China’s new-energy vehicle segment,” he added.

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Moreover, in the quarter ending June 30, Tesla’s Fremont plant in California, which usually accounts for more than 60 per cent of its global production, was shut for 33 days.

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