Tesla to deliver China-made Model 3s Jan. 7

Hard-charging Tesla has set a date for when the Chinese public can get their hands on the Model 3 sedans made in China: January 7 - two weeks before the start of the Chinese New Year. The $50,000 mass market electric cars will be delivered at an event at its Shanghai plant.

The deliveries will come roughly a year after Tesla broke ground on its only plant outside the United States. Production began in October. Tesla eventually plans to turn out 250,000 vehicles per year once it adds the Model Y crossover to its lineup. Just last week, the automaker delivered its first Model 3s in China to 15 employees.

Tesla's high-flying stock revved higher at the market open Thursday, adding on to its 37% gain last year. Brokerage firm Canaccord Genuity hiked its price target to $515, forecasting the stock will surge more than 20% this year. The analyst says China will become an important driver for the company.

Tesla says it'll ramp up deliveries in January and double the number of charging stations and service centers in China this year.