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China-built Tesla Model 3 exempted from vehicle purchase tax on NEVs

Monika From Gasgoo| December 27 , 2019 20:39 BJT

Shanghai (Gasgoo)- The Model 3 locally-produced by Tesla (Shanghai) Co.,Ltd has been exempted from the vehicle purchase tax on NEVs, according to a filing released by China's Ministry of Industry and Information Technology (MIIT) on December 27.

Among the companies included in the MIIT's catalogue, Tesla (Shanghai) Co.,Ltd is the only wholly foreign-funded company. Its Shanghai-based plant is the first fully-foreign owned car plant in China and also Tesla's first car manufacturing base outside the United States.

China-built Tesla Model 3 exempted from vehicle purchase tax on NEVs

(Photo source: Tesla's WeChat account)

Aside from the policy enticement, Tesla has entered into agreements with lenders in China for a secured term loan facility of up to RMB9 billion, according to a regulatory filing on December 26.

The lenders are China Construction Bank Corp, Agricultural Bank of China, Shanghai Pudong Development Bank and Industrial and Commercial Bank of China, according to the filing.

Besides, the EV maker said it has also inked agreements for an unsecured revolving loan facility of up to RMB2.25 billion, added both loans will be used for its Gigafactory 3 in Shanghai.

Another good news is that the Shanghai-built Model 3 cars will reportedly be handed over to Tesla's employees from December 30.

Additionally, car buyers of the homegrown Model 3 can enjoy the national NEV subsidy of RMB24,750 as the model has been listed in the Catalogue of Recommended Models for NEV Popularization and Application issued by the MIIT earlier this month.

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