Tesla plans to export China-made Model 3s -sources

Tesla is making plans to start shipping Model 3 electric sedans made in China to other parts of Asia and to Europe as well, two sources familiar with the matter told Reuters on Friday.

The electric car maker's plan is to export Model 3s from the Shanghai factory to sell in Japan and Hong Kong beginning next year, one of the sources revealed.

Tesla did not immediately respond to a request for comment.

Making and selling more Model 3s is at the heart of Tesla's mass-market strategy. Even though it is the world's most valuable car company on the global stock market, it pales in comparison - by a wide margin - to the traditional car makers when it comes to how many cars it sells per year.

Tesla is relying on pumping out more cars out of China. It plans to build 150,000 Model 3 this year alone at its Shanghai facility. It is also expanding manufacturing capacity to make the Model Y sports-utility vehicles, as well as building out capacity to make more battery packs, electric motors and motor controllers.

Friday's news caps off a dramatic week for the stock after a dizzying record 21% one-day plunge wiped out $80 billion in stock market value earlier in the week. The stock has since recouped some of that loss - heading into the weekend.

Investors now eagerly look ahead to Tesla's so-called Battery Day on September 22 for updates on Tesla's battery technology, which Tesla needs to expand on in order to keep a step ahead of the competition.

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