NEW YORK: Tesla launched a new version of its best-selling Model Y in China on Friday. The company, owned by Elon Musk, aims to regain market share from rivals like Xiaomi with a redesigned exterior and upgraded features.
The new Model Y starts at 263,500 yuan ($35,900), 5.4% more than the previous version, Tesla announced on Weibo. Deliveries in China will begin in March, pending regulatory approval. Tesla has not shared details about plans for other markets.
The updated Model Y features a light bar across the front, similar to the Cybertruck, and a full-width taillight. It also includes heated and ventilated seats and a second-row touchscreen. The long-range version now offers a range of 719 kilometers per charge, up from 688 km.
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Tesla first introduced the Model Y in 2020, and it became the world’s best-selling car in 2023. However, sales slowed last year due to competition in China and weaker EV demand globally.
Chinese rivals, including BYD and Xiaomi, have gained ground with advanced smart car features. BYD is China’s top EV seller, while Xiaomi entered the market last year, delivering over 130,000 units of its SU7. Xiaomi plans to launch its YU7 SUV mid-year, competing directly with the Model Y.
Tesla’s market share in China’s battery EV segment dropped to 10.4% in 2024, down from 11.7% in 2023. The company plans to launch a six-seat Model Y in China later this year.
