Tesla To Start Delivering Its First China-Made Models On Monday

California-based automaker Tesla Inc. TSLA will deliver the first units of its China-made Model 3 electric vehicle to 15 customers on Monday, a company representative told Reuters.

What Happened

Tesla began accepting orders for the first model made in its still-under-construction Shanghai gigafactory in October. As reported at the time, the Model 3 is priced at about $50,855 (355,800 yuan).

The Elon Musk-led company seems to be running on time with deliveries in spite of hiccups along the way, including its primary battery supplier Panasonic Corporation PCRFY refusing to manufacture the batteries at the Shanghai plant.

Earlier on Thursday, Tesla said that it had reached an agreement with multiple Chinese banks to get up to $1.6 billion in loan for the Shanghai factory over the course of the next few years.

Price Action

Tesla's shares closed 1.34% higher at $430.94 on Thursday. The shares were further 0.71% up in after-hours trading.