The electric vehicle giant, Tesla, has received an overwhelming response to its new and refreshed Model Y in China. Within the first five days of its launch, the company has secured over 70,000 orders for the vehicle, with deliveries scheduled to start in March.
Key Details
- The new Model Y starts at 263,500 yuan ($36,340), approximately 5.4% pricier than its predecessor, which was priced at 249,900 yuan.
- Deliveries are expected to commence in March, pending regulatory approval.
- The significant demand for the new vehicle is a positive sign for Tesla, which has been working to maintain its market lead in the electric vehicle sector.
Market Response
The orders for the new Model Y exceeded 70,000 in the first five days of its release, indicating a strong market response to the vehicle. This news comes after Tesla reported its first decline in annual global deliveries in over a decade, with 1.79 million vehicles delivered in 2024, down from 1.81 million in 2023.
Production Plans
Tesla plans to suspend part of the production lines for the refreshed Model Y for around three weeks over the Chinese New Year. This pause will allow the company to prepare the lines for ramped-up production of the new model. The suspension will take place from January 22 to February 14, with another portion of the factory that produces the Model 3 sedans closing from January 26 to February 3.
Global Launch
The launch of the refreshed Model Y in China follows its introduction in the US, where the Long Range All Wheel Drive Variant is priced at $59,990, a 25% increase from its predecessor. The global launch of the new vehicle is a crucial step for Tesla as it seeks to maintain its position in the competitive electric vehicle market.
Conclusion
The strong demand for the Tesla Model Y in China is a positive sign for the company, which is working to regain its momentum in the electric vehicle sector. With its refreshed Model Y, Tesla is poised to continue its growth and expansion in the global market.