/cloudfront-us-east-2.images.arcpublishing.com/reuters/TAST6G5JKZNFNLVK3HUPL5LWO4.jpg "Tesla releases refreshed Model 3 with longer driving range in China")
Tesla shares plunged nearly 6% on Friday after the company unveiled a restyled Model 3 sedan manufactured in China with a higher price tag. Although the new model is being built at Tesla’s Shanghai plant, it is also planned for export to other markets in Asia, Europe, and the Middle East. The price increase for the Model 3 is seen as a move to protect margins, but Tesla has also slashed prices for its premium vehicles and its “Full Self-Driving” software. This marks the first time Tesla has released a vehicle in China before the United States, highlighting the company’s growing reliance on the Chinese market.
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