SHANGHAI (Reuters) – U.S. electric carmaker Tesla Inc said it will start taking orders in China on Friday for a lower-priced version of its Model 3 vehicle, whose price will start at 433,000 yuan ($64,300.56).

Tesla, which is building a factory in Shanghai, said in a statement that it will start selling a long range, rear-wheel-drive Model 3 variant in China. Previously, the starting price for a Model 3 in China was 499,000 yuan.

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