EV giant Tesla Inc. TSLA has launched a refreshed version of its best-selling Model Y SUV in China, in a bid to refresh its aging vehicle amid rising competition.
What Happened: The new Model Y, Tesla says on the website, has a “longer range, new design and higher quality interior,” among other changes.
The launch series of the refreshed vehicle starts at 263,500 yuan on Tesla’s website, nearly 5.4% pricier than the older version of the vehicle which started at 249,900 yuan. Launch series refers to the first vehicles manufactured by the company with exclusive logos, similar to the foundation series of the company’s Cybertruck.
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.
Variants: Tesla’s China website currently has only two variants of the new Model Y listed on it – the rear-wheel drive and the long-range all-wheel drive, starting at 263,500 yuan and 303,500 yuan, respectively. While the lower-priced variant has an estimated range of 593 km, the long-range variant has an estimated range of 719 km, up from 688 km on the older vehicle.
The Performance variant of the vehicle is not listed on the website. Tesla did not offer a Performance variant of the refreshed Model 3 at the onset either. The high-end variant was added later.
Why It Matters: Tesla launched a refreshed Model 3 in Aug. 2023 in China and in the U.S. months later in January 2024. The refreshed Model Y, therefore, will also likely take a few more months before it is launched in the U.S.
The Model Y is the latest Tesla vehicle to be released in China. The Cybertruck, launched by the company in the U.S. in Nov. 2023, was not released in the Asian country.
China is an important market for Tesla. In 2024, the company reportedly sold around 657,000 vehicles in China, marking a growth of 8.8% year-on-year, even while its global annual deliveries fell as compared to 2023.
Tesla reported global deliveries of 1.79 million vehicles in 2024, down from full-year deliveries of 1.81 million in 2023 and marking the first decline in over a decade.
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