Tesla Raises Stakes in China with Revamped Model Y Release

Image Credit: Reuters

Tesla unveiled an updated version of its best-selling Model Y in China on Friday, aiming to reclaim market share from competitors like Xiaomi with enhancements such as heated seats and improved acoustic features. 

The revamped Model Y starts at 263,500 yuan ($35,900), marking a 5.4% price increase from the previous version, Tesla announced on its Weibo account. 

Originally launched in 2020, the Model Y achieved global success, becoming the world's best-selling vehicle in 2023. However, its sales momentum slowed last year, facing intensified competition from Chinese automakers in Tesla's second-largest market, as well as softening demand for electric vehicles in other regions.

Tesla is also planning to introduce a six-seat variant of the Model Y later this year, according to sources. Information about the updated Model Y’s availability in other markets has not yet been disclosed.

Paraphrasing text from "Reuters" all rights reserved by the original author.