Tesla Model Y Refresh Gets 50,000 Reservations In China On First Day: Could Update Help EV Leader In 2025?

A new report says electric vehicle leader Tesla Inc TSLA could be off to a good start with its new Model Y refresh in China.

What Happened: Tesla recently unveiled its new Model Y refresh that will be available in China and other select markets as it looks to grow its electric vehicle share in the region.

The electric vehicle company got 50,000 Model Y preorders on the first day of availability, according to a report from Electrek, citing Car News China.

The 50,000 figure would be sizable given the fact Tesla delivered a reported 480,000 Model Ys in China in all of 2024, a figure that was up 5% year-over-year. The 50,000 orders represent more than an average month's sales of the Tesla vehicle in the country.

Strong orders out of the gate could indicate pent-up demand for the Model Y refresh and come after EV owners have been expecting the new vehicle for around a year.

Deliveries of the new Model Y are expected to start in China in March.

Why It's Important: The Model Y refresh is one of the most anticipated vehicles in the Tesla lineup and could come at a time when the company is between new vehicle models after the Cybertruck release in 2023.

The refreshed Model Y is only available for order in China and neighboring regions and has not yet been introduced in North America or Europe.

The vehicle refresh comes as more competition has entered the electric vehicle market and hurt Tesla's market share in several regions, including the U.S.

Tesla delivered 1.79 million vehicles globally in 2024, down from 1.81 million in the previous year. This marked the first full-year deliveries decline on a year-over-year basis in company history.

The Model Y was recently named the bestselling EV in the U.S. for 2024 with 372,613 units sold. This figure was down 6.6% year-over-year. A potential Model Y refresh in the U.S. in 2025 could help the model see strong sales for the year as EV owners and Tesla fans wait for new models to become available in the coming years.

TSLA Price Action: Tesla stock is up 0.42% to $405 on Tuesday at publication versus a 52-week trading range of $138.80 to $488.54. Tesla stock is up 84% over the last year.

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