The EV giant Tesla is reportedly expecting to extend its earnings streak by bringing its new Model 3 to customers beyond North America. The company’s plan includes accelerating its manufacturing plans in China.
Tesla witnessed its revenue increase aggressively to $6.8 billion in the third quarter (and a $312 million profit) after the sales of its new Model 3 vehicle. The company was able to achieve that profitability milestone just through sales in the U.S. and Canada.
The company mentioned that it would start to take orders for the Model 3 in Europe and China before the end of 2018. Also, it will begin deliveries of the Model 3 to Europe early next year.
“We are aiming to bring portions of Model 3 production to China during 2019 and to progressively increase the level of localization through local sourcing and manufacturing,” Tesla stated. “Production in China will be designated only for local customers.”
The basic plan is to set up a factory in Shanghai, however, the construction hasn’t even begun yet. The company secured in October rights to about 210 acres of land in Lingang, Shanghai, the site of the electric automaker’s planned factory and its first outside of the U.S.