Tesla today announced on Weibo that the price of the China-made Model 3 standard-range will be adjusted to 291,800 yuan from now on.

This allows the China-made Model 3 standard-range to be eligible for China's 2020 new energy vehicle subsidy policy. Based on the base price, the model is priced at 271550 yuan after the subsidy.

The following is the translated version of Tesla's announcement:

With immediate effect, the base price of the Chinese-made Model 3 standard range will be adjusted to 291,800 yuan, based on this base price calculation, the subsidized price of 271,550 yuan.

We hope that this price change will allow more Chinese consumers to enjoy a more cost-effective #Tesla product. At the same time, we will also adhere to the direct sales and service system to provide excellent service to car owners.

On April 23, China issued 2020 new energy vehicle subsidy policy, which will no longer subsidize new energy vehicles priced above 300,000 yuan starting this year. With the exception of vehicles that support the battery replacement mode, the new policy will take effect on July 22.

Since the subsidized pre-sale price of the Chinese-made Model 3 standard-range version (323,800 yuan) is above the 300,000-yuan threshold, the model will lose its subsidized benefits after July 22 if the price is not adjusted.

In addition, on April 24, Tesla announced a price increase of 4,500 yuan and 5,000 yuan for the standard range upgrade and long-range version of the Chinese-made Model 3, respectively, mainly due to the New Deal on New Energy Subsidies.

With this price hike, the Model 3's rear-drive long range and performance versions are unaffected.