SHANGHAI (Reuters) -Tesla launched a brand new model of the Model Y, its best-selling automobile, in China on Friday, hoping {that a} redesigned exterior and improved options inside will assist it regain market share taken by rivals resembling Xiaomi.
The new Model Y, the world’s hottest electrical automobile, is priced at 263,500 yuan ($35,900), 5.4% dearer than the earlier model in China, Tesla’s second-largest market, the automaker stated American on his Weibo social media account.
Deliveries to China will start in March, topic to regulatory approval. Details about Tesla’s plans for the facelifted model in different markets weren’t instantly accessible.
The newest Model Y sports activities a brand new gentle bar that extends throughout the entrance, just like Tesla’s Cybertruck, whereas the rear gentle can be a full-width gentle bar. Other improved options embrace seats that may be heated or ventilated for all-weather consolation, in addition to a touchscreen for second-row passengers.
The long-range variant now has a spread of 719 kilometers per cost, up from 688 km.
Tesla first launched the Model Y in 2020 and it turned the world’s best-selling automobile in 2023. The older mannequin misplaced some gross sales momentum final 12 months, hit by competitors from native rivals in China, whereas in different markets demand for electrical automobiles has weakened.
Tesla was the biggest maker of battery electrical vehicles in China in 2020, however Chinese EV rivals have more and more made inroads, profitable over prospects with smooth good automobile options.
BYD is at present China’s largest vendor of electrical automobiles, whereas client electronics maker Xiaomi took the electrical automobile market by storm final 12 months, transport greater than 130,000 of its first mannequin, the SU7. Xiaomi will launch its first SUV, the YU7, in June or July, immediately difficult the Model Y.
Tesla’s market share of China’s battery electrical automobile market fell to 10.4% final 12 months, down from 11.7% in 2023.
Tesla plans to launch a six-seat variant of the Model Y in China later this 12 months, sources stated earlier.
($1 = 7.3314 Chinese yuan)
(Reporting by Zhang Yan and Brenda Goh; Editing by Edwina Gibbs)
