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Tesla cuts Model 3 price again to qualify for Chinese subsidies

US EV maker ends first quarter with surprise profit and record delivery in China

Tesla said it has the capacity to exceed its 500,000 vehicle delivery goal despite production interruption due to the coronavirus.

PALO ALTO, U.S. -- Tesla will once again lower the price of its standard range Model 3 sedans in China in order to qualify for the country's newly announced government subsidies for electric vehicles, the U.S. automaker said in its Wednesday earnings call.

Last week, the Chinese Finance Ministry announced it will cut government subsidies for new-energy vehicles -- a category that includes electric cars -- by 10% this year, and that the subsidy will apply only to passenger cars costing less than 300,000 yuan, or around $42,390.

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