Tesla will produce Model Y at its Gigafactory 3 in Shanghai in 2021, according to China-based online media 36Kr.com.

Model Y is among the 276 latest models of new energy cars in the 338th batch announced by China's Ministry of Industry and Information Technology on November 5, meaning that Tesla is poised to launch the electric vehicle in the Chinese market, industry sources said, adding that Model Y will be priced at about CNY500,000 (US$74,350).

The second-phase construction of Gigafactory 3 will be completed at the end of 2020 and the new capacity will be immediately come into operation, 36Kr.com said. Tesla plans to produce 300,000 Model 3 cars and 250,000 Model Y ones at the factory in 2021, with 100,000 units of the former and 10,000 units of the latter planed for exports, 36Kr.com noted. About 80,000 Model 3 cars were sold in the China market during the first three quarters of 2020, China-based media said.

Of the 276 new energy car models in the 338th batch, 39 are sedans, of which 23 are equipped with ternary battery packs, 13 with LFP battery packs and one with hydrogen fuel cells.