Shanghai (ZXZC)- The wait time for China-made Model 3s has been extended to four to six weeks from the previous one to two weeks for consumers in the Chinese Mainland, according to Tesla’s China official website, indicating that the demand is more than the supply.

China-made Model 3

Retailing 79,908 units in the first three quarters of the year, the Tesla Model 3 was honored the best-selling China-made all-electric model in the world's largest auto market.

The price cut might help the BEV model consolidate its popularity. The U.S. EV manufacturer announced on October 1 that the post-subsidy price of the made-in-China Model 3 Standard Range Plus was lowered to 249,900 yuan ($37,300) from 291,800 yuan ($43,550), while the Long Rang RWD would be priced at 309,900 yuan ($46,260) after subsidy, dropping from 344,100 yuan ($51,360).

Tesla was poised to start selling some Model 3 vehicles made in China equipped with cobalt-free lithium iron phosphate (LFP) batteries, Reuters reported on Sept. 30, citing two people familiar with the matter.

LFP batteries are cheaper to make and contain no cobalt, one of the most expensive metals used in electric vehicle batteries. Tesla will use LFP batteries in all China-built Model 3 vehicles with standard driving ranges, according to the sources. Industry insiders considered that the lower cost of batteries may be one of the factors that caused Tesla lower the price.

The first China-made Model 3s exported to Europe left Shanghai port on October 27 and are scheduled to arrive at Belgium port at the end of November.

After arriving at the destination port, the 7,000 Model 3s will be sold to 10 plus European countries and are forecasted to generate an export value amounting to 450 million yuan at the end of the year.

Tesla's Q3 2020 Update Letter noted that the China-based plant had a run-rate of 250,000 Model 3s per year. Once the Model 3 factory in Giga Shanghai fully ramps up, the facility output would likely reach even more impressive numbers.