The electric vehicle leader, Tesla Inc, is off to a promising start with its new Model Y refresh in China. The company recently unveiled the refreshed Model Y, which will be available in China and other select markets, aiming to increase its electric vehicle share in the region.
Key Developments
- Tesla received 50,000 preorders for the new Model Y on the first day of availability.
- This figure represents a significant portion of the company’s total Model Y deliveries in China for 2024, which stood at 480,000 units.
- The strong demand for the Model Y refresh may indicate pent-up demand, as EV owners have been anticipating the new vehicle for around a year.
Deliveries and Availability
- Deliveries of the new Model Y are expected to commence in China in March.
- The refreshed Model Y is currently only available for order in China and neighboring regions, with no introduction in North America or Europe yet.
Market Significance
- The Model Y refresh is one of the most anticipated vehicles in the Tesla lineup, arriving at a time when the company is between new vehicle models after the Cybertruck release in 2023.
- The vehicle refresh comes as more competition has entered the electric vehicle market, affecting Tesla’s market share in several regions, including the U.S.
Company Performance
- Tesla delivered 1.79 million vehicles globally in 2024, marking the first full-year deliveries decline on a year-over-year basis in company history.
- The Model Y was the bestselling EV in the U.S. for 2024, with 372,613 units sold, although this figure was down 6.6% year-over-year.
Stock Performance
- Tesla stock is up 0.42% to $405, with a 52-week trading range of $138.80 to $488.54.
- The company’s stock has seen an 84% increase over the last year.