(Yicai Global) April 30 -- Tesla will lower the price of its domestically manufactured standard-range Model 3 below the threshold of CNY300,000 (USD42,399) in China to qualify for new energy vehicle subsidies.

"The new price will be published tomorrow in Tesla.cn,” the California-headquartered firm said in a statement on Weibo this morning. "This is to enable Chinese consumers to have more cost-effective Tesla products, as well as meet the subsidy requirements." The current price is CNY305,550.

Some 11 Chinese regulatory agencies announced yesterday that the country's NEV subsidies will be extended till the end of 2022 to spur growth.

Editor: Emmi Laine