Tesla, Inc. (TSLA.US) launches new Model Y starting at 263,500 yuan in China.

Tesla, Inc. (TSLA.US) official website shows that the company officially launched its new Model Y SUV in China on Friday and has started accepting orders. The Model Y has always been one of the best-selling electric vehicles in the Chinese market and will begin deliveries to customers in March after obtaining necessary regulatory approvals. The new Model Y is being launched in China ahead of the United States. The standard version of the new Model Y (code-named Juniper) starts at 263,500 yuan (equivalent to 35,900 US dollars). The model features a completely new exterior and interior design, with a range of nearly 600 kilometers (373 miles) on a single charge. With Chinese local brands like BYD Company Limited (01211) competing for market share, Tesla, Inc. needs to inject more vitality into its product line in China. The electric car manufacturer saw its annual shipments from its Shanghai factory decline for the first time since large-scale production began in 2020. This indicates intensified domestic competition and lukewarm global demand Tesla, Inc.'s China factory produces Model 3 and Model Y, catering to both domestic consumption and exports overseas. In order to clear out some old inventory of the Model Y, Tesla, Inc. has reduced the price by 10,000 yuan from the original price of 249,000 yuan, and is offering a five-year interest-free mortgage plan. The American car manufacturer also raised the price of its China-made Model 3 on Friday, increasing the starting price from 231,900 yuan to 235,500 yuan.