• The new Model 3 variant is the longest-range Tesla model to date, with a starting price of RMB 269,500 ($37,490) in China.
• The new variant is expected to be delivered in China in September, equipped with a 78.4 kWh battery from LG Energy Solution.

Tesla (NASDAQ: TSLA) has officially launched the new Model 3 variant with a CLTC range of 830 kilometers in China, following the completion of major regulatory procedures for the long-range model last week.

The new variant is the longest-range Tesla model to date, with an expected delivery date in China set for September, according to information on Tesla's website.

Its starting price is RMB 269,500 ($37,490), which is RMB 34,000, or 14.44 percent, higher than the RMB 235,500 starting price of the entry-level variant of the Model 3 in China.

The launch of the single-motor long-range rear-wheel-drive Model 3 brings the total number of Model 3 variants available in China to four.

The other two higher-priced variants -- the long-range all-wheel-drive version and the all-wheel-drive performance version -- are dual-motor models, with starting prices of RMB 285,500 and RMB 339,500, respectively.

As of now, all four versions of the Model 3 in China have completed range upgrades, Tesla said on Weibo today.

On July 1, Tesla raised the price of the long-range all-wheel-drive version of the Model 3 in China to RMB 285,500 and extended the range from 713 kilometers to 753 kilometers.

The latest long-range rear-wheel-drive Model 3 can accelerate from 0 to 100 km/h in 5.2 seconds and has a top speed of 200 km/h.

The new variant with a battery capacity of 78.4 kWh uses the same LG Energy Solution ternary batteries as the two higher-priced variants, according to previous filings. The rear-wheel drive Model 3 is equipped with lithium iron phosphate (LFP) batteries from CATL (SHE: 300750).

The launch of this new Model 3 variant comes at a time when Tesla is facing significant pressure on its sales in China, as domestic competitors are becoming increasingly numerous and competitive.

In January-July, Tesla delivered 304,027 vehicles in China, down 6.32 percent year-on-year, according to data compiled by CnEVPost.

The decline was primarily driven by the popular Model Y, which sold 202,257 units in China in January-July, down 17.15 percent year-on-year.

The Model 3 sold 101,770 units in China from January to July, up 26.54 percent year-on-year.

To boost sales, Tesla continues to offer incentives for the Model 3 in China, including five years of interest-free financing, a RMB 8,000 discount on paint, and a RMB 8,000 insurance subsidy, but excludes the highest-priced performance version of the sedan.

In addition to this new Model 3 variant, Tesla will launch a six-seat Model Y L in China this fall. The Model Y currently sold in China is a five-seat version.

The Model Y L has a battery pack capacity of 82.0 kWh and a range of 751 kilometers, according to a regulatory filing last week.

($1 = RMB 7.1888)