Tesla's market value zooms past that of GM and Ford - combined

Second and Third Delivery

US electric carmaker Tesla officially launched its China-made Model Y program in its Shanghai gigafactory Tuesday, one year after the company broke ground on its first overseas plant. Tesla is storming into China with prices that aren't much higher than those local manufacturers such as NIO Inc. and Xpeng Motors, while undercutting global giants such as BMW AG and Daimler AG. But Tesla found a way, and Elon Musk chose to make the event even more interesting with musings of making yet another vehicle.

Billionaire CEO Musk danced enthusiastically on stage at the event, then stripped off his jacket and flung it aside to reveal a T-shirt with a cartoon of the factory.

Tesla CEO Elon Musk broke out into a lengthy Elon Shuffle during an event in Shanghai, China on Tuesday. He said the plant would also produce future models and Tesla will build a China design center that will design original models for the world, but did not give any specific timeline. He did not give a timeframe.

He expressed thanks to earlier customers who he said made Tesla's expansion in China possible by purchasing imported models from the fledgling brand. Globally the electric SUV is expected to go into production first in Fremont, California, later this year. Fifteen Tesla employees had received their vehicles in late December.

Tesla delivered 367,500 cars in 2019 in a figure over three times the 103,100 cars the company sold in 2017.

Dutch military sources indicate Ukraine plane was shot down: ministers
As for the airliner shootdown, the US officials wouldn't say what intelligence they had that pointed to an Iranian missile. He also requested foreign countries to provide evidence for their statements to the commission investigating the crash.

"We believe this new solid quarter of deliveries could further put to rest investor concerns around softening demand for Tesla's product", analyst Emmanuel Rosner of Deutsche Bank wrote in a Tuesday note.

The vehicle took honours as the Best Electric Car, Best Company Car and the overall Car of the Year award in the Parkers awards. The price for a standard variant of Model 3 Tesla electric sedan has been reduced from 323,800 yuan ($46,440) to 299,050 yuan ($42,890).

On Monday, Tesla's stock price stood at 451.54 USA dollars per share with a market cap of 81.38 billion US dollars, which is just about 6 billion less than that of General Motors and Ford combined.

Elon Musk was apparently excited enough about Tesla Inc.'s prospects in China that he was moved to dance, just as shares of the maker of electric cars hit new highs.

SMMT new auto registration data placed the Tesla Model 3 as the third most purchased new vehicle in August 2019.

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