Tesla shares rose 1% in premarket trading,as receiving a flood of orders in China for Model Y.

Tesla shares rose 1% in premarket trading,as receiving a flood of orders in China for Model Y.

Tesla Inc recently launched Model Y standard variant is receiving a flood of orders in China, cnEVpost reported on Monday, citing Securities Daily.

Customers in China who have placed orders will have to wait until September for deliveries, the report noted.

The Palo Alto, California-based company is planning to run its Shanghai Gigafactory at full capacity to ensure availability, cnEVpost, citing a staff member at the electric vehicle company’s experience center.

Tesla’s locally-built Model Y standard variant in China qualifies for state-led subsidiesas it is sold under RMB 300,000 ($46,000).