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Tesla Inc. Releases Updated Model Y in China to Compete with Local Rivals

Tesla Inc. has recently launched an updated version of the Model Y in China, featuring improved configurations and the same starting price. This strategic move aims to enhance the car’s competitiveness against local rivals in the Chinese market.

According to a post on Tesla’s WeChat account on Sunday, some of the notable changes in the updated Model Y include a slightly faster acceleration time of 0-100 km/h in 5.9 seconds, a new wheel design, and added ambient lighting. Despite these enhancements, the starting price for the base model remains at 263,900 yuan (equivalent to just over $36,000).

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Tesla’s decision to enhance the offering of the Model Y is crucial for the company, given the rising price pressure from domestic rivals such as BYD Co. BYD aims to sell 3 million vehicles this year, posing a significant challenge to Tesla. Additionally, other Chinese electric vehicle manufacturers, namely Nio Inc. and Xpeng Inc., are gaining traction and expanding their lineups, intensifying competition in the market.

Prior to this, Tesla had already revamped its Model 3 sedan in September, incorporating sleeker looks and longer range, while simultaneously lowering prices across its premium vehicle range to boost sales.

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