U.S. electric carmaker Tesla Inc said it would start taking orders in China on Friday for a lower-priced version of its Model 3 vehicle.

The price would starts at 433,000 yuan (64,300.56 dollars).

Tesla, which is building a factory in Shanghai, said in a statement that it would 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. (Reuters/NAN)