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Tesla is also of the opinion to cut of China-built Model, the 3 sedan prices next year, the international monetary Fund

FILE PHOTO: the new Tesla Model 3 will be shown at the delivery center on the last day of the company’s third-quarter results, in San Diego, California, on September 30, 2019. REUTERS/Mike Blake

(Reuters) – U.S. electric car maker Tesla, Inc., is considering cutting the prices of its China-built Model, 3 way, 20% or more in the next year, Bloomberg reported on Wednesday, citing people familiar with the plans.

The prices of the cars that will be manufactured at its new Shanghai plant will be placed in 355,800 yuan ($50,547.67), and is likely to be reduced as from the second half of the 2020s, the report to fruition.doc/2Es3w0N he said.

The amount and timing of the price reduction can be change on the basis of the conditions of the market, according to the report.

The AMERICAN car maker wants to reduce costs through the use of local components, all of which import fewer components, and, to avoid fees, according to the international monetary Fund.

Tesla declined to comment when contacted by Reuters.

Reporting Aishwarya Nair in Bengaluru, and Yilei Sun in Beijing; Editing by Sherry Jacob-Phillips

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