Elon Musk-led EV giant Tesla Inc. TSLA has begun delivering its refreshed Model Y in China, while U.S. customers who have placed orders are still awaiting their vehicles.
What Happened: “Deliveries of our new Model Y kick off in China today. Heart racing for more to come!,” Tesla said in a post on social media platform X.
The post was accompanied by photographs of customers taking deliveries of their vehicles in the country amid decorations.
Tesla launched the refreshed Model Y first in China and in its primary U.S. market only a few days later. In the U.S., vehicle deliveries are expected to start in March.
In China, the refreshed vehicle starts at 263,500 yuan, nearly 5.4% pricier than the older version of the vehicle which started at 249,900 yuan.
Why It Matters: Model Y is Tesla's best-selling vehicle. The refreshed vehicle's launch follows the company reporting a fall in annual vehicle deliveries for the first time 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.
Tesla CEO Elon Musk said during the company's earnings call last month that production will be lost during the days of retooling factories to prepare for the refreshed vehicle’s production.
The CEO also warned that margins will be impacted due to idle capacity and other ramp-related costs. However, these challenges will be overcome once production is ramped, he said.
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Photo courtesy: Tesla
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