EV giant Tesla Inc TSLA has introduced self-driving hardware version 4 on its Model Y SUVs in China.
What Happened: Hardware 4, abbreviated as HW 4, is the latest version of hardware for powering Tesla’s self-driving. Though Tesla has introduced new hardware, the price of the SUV remains unchanged in the Chinese market, starting at 258,900 yuan ($36,264).
The EV maker is instead offering buyers an offer to get their Model Y in any color either for free or for 2000 yuan ($280) if one orders their vehicle before the end of February and completes delivery before the end of March. While the black body paint comes included in the starting price of the car, other paint options require additional payment. White and blue are originally priced at 8000 yuan ($1,120), and grey, red, and silver at 12,000 yuan ($1,681).
The company has also announced a cash discount of 8,000 yuan ($1,120) on inventory Model Y vehicles starting Thursday.
Why It Matters: The Model Y was the best-selling vehicle globally last year and China was Tesla’s second biggest market after the U.S.
Earlier this month, the company cut prices on select versions of the Model Y by as much as 2.8% in the face of increased competition in the Chinese EV market, particularly from Warren Buffett-backed BYD Co Ltd.
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