GM venture's mini car becomes China's most sold EV, surpassing Tesla's Model 3
- Dow, S&P post worst week in months after hawkish Fed spooks investors
- Fed-fueled dollar rises as bears make for exits
- Adobe (ADBE) Edges Higher After Topping Q2 Estimates, Analysts Raise PT on 'Impressive' Performance
- Fed Statement Very Bullish for Tech Stocks, Focus on Cloud and Cyber Stocks - Wedbush
- You Fight Real Physical Inflation With Rate Hikes, Not Talk of Rate Hikes; Buy the Dip in Commodities, Gold Underpriced - Goldman Sachs
FILE PHOTO: A man wearing a face mask following the coronavirus disease (COVID-19) outbreak walks by Tesla Model 3 sedans and Tesla Model X sport utility vehicle at a new Tesla showroom in Shanghai, China May 8, 2020. Picture taken May 8, 2020. REUTERS/Yi
News and research before you hear about it on CNBC and others. Claim your 1-week free trial to StreetInsider Premium here.
By Yilei Sun and Brenda Goh
BEIJING (Reuters) - A micro electric vehicle (EV) by General Motors' (NYSE: GM) local Chinese joint venture becomes the most sold EV model in China, with 15,000 cars sold in China last month, followed by Tesla Inc's (NASDAQ: TSLA) 11,800 Model 3 sedans, industry data showed.
The model, the Hongguang MINI EV, is a two-door micro electric vehicle launched by the joint venture between GM, SAIC Motor Corp <600104.SS> and another partner, SGMW, in July.
The starting price for the Hongguang MINI EV is 28,800 yuan ($4,200), less than 10% of the 291,800 yuan starting price for Tesla's China-made Model 3 vehicles before they get government subsidies.
GM's new China boss Julian Blissett told Reuters in August that it would renew its focus on luxury Cadillacs, roll out bigger but greener sports-utility vehicles (SUVs) and target entry-level buyers with low-cost micro electric vehicles.
Tesla sold 11,000 Shanghai-made Model 3 vehicles in China in July, according to the China Passenger Car Association (CPCA). CPCA uses a different counting method than Tesla's official deliveries. Tesla and GM did not immediately respond to a request for comment.
(Reporting by Yilei Sun and Brenda Goh; editing by David Evans and Louise Heavens)
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- U.S. safety agency probes 10 Tesla crash deaths since 2016
- 'So happy': Honduran asylum-seeker celebrates rejoining family in U.S.
- Northern Ireland's DUP to choose latest new leader within a week
Create E-mail Alert Related CategoriesGeneral News, Reuters
Related EntitiesTesla, Model 3
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!