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After US, Germany and China; Tesla Now Aims Russia to Set Up Production Hub, Says Elon Musk

Tesla Model Y. (Image source: Tesla)

Tesla Model Y. (Image source: Tesla)

Addressing a virtual event in Russia, Musk said the company already had production sites in China and the United States, but was looking at opening production facilities in other parts of the world.

Elon Musk said on Friday that Tesla was close to establishing a presence in Russia and was looking at whether it could open factories there. Addressing an event in Russia via video link, Tesla boss Musk said the company already had production sites in China and the United States, but was looking at opening production facilities in other parts of the world. The company recently increased the price of its Model 3 Long Range and Standard Range Plus and Model Y Long Range by $500, the electric-car maker’s website showed on Friday.

The price of its cheapest Model 3 Standard Range Plus has been increased to $39,990, while the Model 3 Long Range AWD was raised to $48,990.

Its Model Y Long Range AWD is now priced at $51,990 compared with $51,490 previously, according to the website.

Tesla delivered 182,780 Model 3/Ys in the first quarter, up 13% from the preceding quarter. A ramp up in production and solid demand for its less expensive models had helped offset the impact of a global shortage of parts.

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Shares of Tesla Inc fell 2% on Wednesday, faring worse than the broader market, as China’s crackdown on cryptocurrencies weighed on the electric car maker, which announced huge investment in bitcoins earlier this year.

Tesla disclosed in early February it had bought around $1.5 billion in bitcoins. As of March 31, it estimated the carrying value of its bitcoin investment at $1.33 billion and the fair market value at $2.48 billion.

Bitcoin has fallen roughly 30% since March 31, including a 6% slump on Wednesday, after China banned financial and payment institutions from providing cryptocurrency services.

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