Both versions of the new Model 3 now have an estimated wait time of 6-9 weeks in China.

(Image from Tesla China Weibo)

Tesla (NASDAQ: TSLA) has begun formal sales of the new Model 3 in China, at the same prices as the pre-sale announced last month.

Sales of the new Model 3 officially began today in China, with test drive vehicles available in showrooms and first deliveries starting at the end of this month, Tesla said on Weibo.

Tesla is offering two versions of the sedan -- a rear-wheel-drive version and a dual-motor all-wheel-drive version -- with starting prices of RMB 259,900 ($35,540) and RMB 295,900, respectively.

That's the same as the pre-sale prices for the new Model 3 in China, which Tesla announced on September 1, and higher than the starting price of the sedan's previously available basic version.

Customers who currently order either version of the new Model 3 are expected to get deliveries in 6-9 weeks, Tesla's China website shows.

(Vehicle information displayed on Tesla's China website on October 19, 2023.)

Tesla's Shanghai factory began operations in late 2019 and began delivering locally produced Model 3s in January 2020 and locally produced Model Ys in January 2021.

Tesla was offering the Model 3 in 2020 in three versions -- an entry-level version with single-motor rear-wheel drive, a long-range version with single-motor rear-wheel drive, and a performance version with dual-motor all-wheel drive.

Since 2021, the single-motor, long-range version of the Model 3 has been no longer available. Prior to Tesla's unveiling of the new Model 3 on September 1, the versions of the sedan available in China were the entry-level version with rear-wheel drive and the performance version with dual-motor all-wheel drive, with starting prices of RMB 231,900 and RMB 331,900, respectively.

The new Model 3 entry version has a CLTC range of 606 kilometers, up 50 kilometers, or 9 percent, from the previous model's 556 kilometers.

The new Model 3's long-range version has a CLTC range of 713 kilometers, up from 675 kilometers on the previous Model 3 Performance.

Yesterday, China's Ministry of Industry and Information Technology (MIIT) announced the latest batch of models that can be exempted from vehicle purchase tax, and the new Model 3 was included, with its battery and range information revealed.

The two versions of the new Model 3 have battery pack capacities of 60 kWh and 78.4 kWh, and pack weights of 480 kg and 455 kg, respectively, according to the catalog.

In addition to the new Model 3, Tesla also launched the new Model Y, which has minor feature updates, in China on October 1, and announced on October 15 that deliveries of the model have begun.

Tesla's Shanghai factory currently has an annual production capacity of more than 950,000 vehicles, according to the US electric vehicle maker's third-quarter financial report released overnight.

"Other than scheduled downtime in Q3, our Shanghai factory has been successfully running near full capacity for several quarters, and we do not expect a meaningful increase in weekly production run rate. Giga Shanghai remains our main export hub," Tesla wrote in its earnings report.

($1 = RMB 7.3139)

China NEV market share in Sept: BYD 34.5%, Tesla 5.8%, Nio 2.1%