Tesla has launched an improved version of Model Y in China.
Tesla
Tesla The U.S. electric car giant announced the launch of a revamped version of its popular Model Y in China on Friday as it faces challenges from domestic rivals.
Model Y starts at 263,500 yuan ($35,935), with deliveries expected to begin in March. This is 5.4% more expensive than the starting price of the previous-generation Model Y.
A Tesla China spokesperson said that the new Model Y is only open for pre-sale in the Chinese market and has not been launched globally.
Tesla’s Model Y refresh comes after the auto giant this month reported its first annual decline in overall deliveries in 2024.
Elon Musk’s electric car company is facing stiff global competition from European startups and legacy automakers. In China, the company continues to face fierce attacks from rivals. BYD For new players like this Xpeng Motors and Nioh.
Tesla offers several incentives to customers who buy Model Y, including a five-year zero-interest financing plan.
Tesla said that the new Model Y accelerates from 0 to 100 km/h in just 4.3 seconds, exceeding the speed capabilities of the previous model. Model Y Long Range can travel longer on a single charge than its predecessor.
Tesla has not launched a new model since it began delivering the Cybertruck, which starts at nearly $80,000, in late 2023.
Investors have been eager for a new mass-market model to revive sales. Tesla has previously hinted that it may launch a new affordable model in the first half of 2025.
Despite Tesla’s headwinds, the company’s shares have risen nearly 70% in the past 12 months, in part due to Chief Executive Musk’s close relationship with President-elect Trump.
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