Tesla Launches Cheaper Model Y in China Amid Increased Scrutiny
US electric vehicle maker Tesla on Thursday introduced a cheaper version of the Model Y in China, where it faces increased scrutiny from both regulators and the public and growing competition from local rivals.
Tesla’s sales of China-made vehicles slipped in June from the previous month, the China Passenger Car Association (CPCA) said on Thursday.
The company, which makes Model 3 sedans and Model Y sport-utility vehicles in Shanghai, sold 33,155 China-made vehicles, including those for export, compared with 33,463 in May.
Domestic sales in China improved, however, with Tesla selling 28,138 China-made cars in June, up from 21,936 the previous month.
Tesla shares fell 1.2 percent on Thursday and were set to decline for a third consecutive session.
The standard-range Model Y launched on Thursday has a starting price of CNY 276,000 (roughly Rs. 31 lakhs), after government subsidies are taken into account, about 20 percent less than a long-range Model Y.
