Tesla launches revamped Model Y in China, seeking to fend off rivals

SHANGHAI (Reuters) -Tesla launched a revamped version of the Model Y, its best-selling car, in China on Friday, hoping that upgraded features such as heated seats and a better acoustics system will help it regain market share taken by rivals such as Xiaomi (OTC:XIACF ).

The new Model Y is priced from 263,500 yuan ($35,900)，5.4% more expensive than the previous version in China, Tesla (NASDAQ:TSLA )'s second-largest market, the U.S. automaker said on its Weibo (NASDAQ:WB ) social media account.

Tesla first launched the Model Y in 2020 and it became the world's best-selling model in 2023. The aging model, however, lost some sales momentum last year, hurt by competition from Chinese rivals in China while in other markets demand for electric vehicles has weakened.

It plans to launch a six-seat variant of the Model Y later this year, sources have previously said.



Details about Tesla's plans for the revamped Model Y in other markets were not immediately available.

($1 = 7.3314 Chinese yuan )

Source: Investing.com