AsianFin -- Tesla on Friday unveiled an updated version of its Model Y in China, the company’s best-selling vehicle, in a bid to reclaim market share amid intensifying competition from local automakers like Xiaomi.
The revamped Model Y features upgraded amenities, including heated seats and an enhanced acoustic system, aimed at attracting tech-savvy and comfort-oriented buyers. Priced from 263,500 yuan ($35,900), the new version is 5.4% more expensive than its predecessor, Tesla announced on its Weibo account.
Initially launched in 2020, the Model Y soared to become the world’s best-selling car by 2023. However, its momentum slowed last year, with sales impacted by rising competition in China and softening demand for electric vehicles in other global markets.
Tesla is also preparing to introduce a six-seat version of the Model Y later this year, according to earlier reports. The move is part of its broader strategy to expand its offerings and stay ahead in the competitive EV market.
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