Tesla's New Model Y Gets Over 70,000 Orders In 5 Days Of Launch In China Despite Costing 5% More Than Its Predecessor: Report

EV giant Tesla Inc TSLA reportedly received over 70,000 orders for the new and refreshed Model Y in China in the first five days of its launch, with deliveries slated to start in March.

What Happened: Tesla launched the new Model Y in China earlier this month. The new vehicle starts at 263,500 yuan ($36,340) on Tesla's website or nearly 5.4% pricier than the older version of the vehicle priced at 249,900 yuan.

Deliveries of the new vehicle are expected to start in March, the company says on its website, while noting that the date of first deliveries would depend upon regulatory approval.

According to a report from Yicai, orders for the new vehicle exceeded 70,000 in the first five days of its release, suggesting significant demand.

Car News China reported earlier this month the company got 50,000 orders on the first day of launch.

Why It Matters: Tesla is planning to suspend part of the lines for its refreshed Model Y for around three weeks over Chinese New Year, Bloomberg News reported earlier this month, citing people familiar with the matter. The report said the suspension is aimed at prepping the lines for ramped-up production of the new model.

The pause on parts of the Model Y lines will be from Jan. 22 through Feb. 14, the report said while adding that another portion of the factory that makes the company's Model 3 sedans will also be closed from Jan. 26 to Feb. 3.

Tesla launched the new Model Y in the U.S. days after it launched in China with the Long Range All Wheel Drive Variant priced at $59,990 or 25% more than its predecessor.

The launch of the refreshed vehicle comes after the company reported its first decline in annual global deliveries in over a decade.

Tesla reported global deliveries of 1.79 million vehicles in 2024, down from full-year deliveries of 1.81 million in 2023.

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