May 28, 2019 1:45 PM, EDT

Tesla to Reveal Price of Chinese-Made Model 3s May 31

Tesla Qilai Shen/Bloomberg News

Tesla Inc. is getting close to revealing new prices for the Model 3 in China as it nears local manufacturing of the car.

The Palo Alto, Calif.-based carmaker s on May 31 plans to make an announcement about its China-made Model 3 cars, Tesla said in a social media posting, inviting people to guess the price of the domestic Model 3 before it is announced.

The company is considering pricing the vehicle between 300,000 yuan ($43,400) and 350,000 yuan before subsidies, according to people familiar with the matter, who asked not to be identified discussing a private matter. The final number is being finalized, one person said. A Tesla representative declined to comment on specifics of the announcement.

Though it already sells Model 3s in China, Tesla ships all of them from the United States, disqualifying the vehicles from Chinese government subsidies and subjecting the cars to import tariffs. They now start at 377,000 yuan, including import duties and value-added taxes, according to its website.

Tesla is counting on its Shanghai factory, which is scheduled to begin production this year, to bolster the company’s competitiveness in a country that already is crowded with hundreds of electric-vehicle makers. Local production in China, the world’s biggest car market, would allow Tesla to avoid import tariffs and speed up deliveries.