It is a big deal for any auto retailer to break through the Chinese market, and Elon Musk’s Tesla is no exception. A new Model Y will be reconfigured so that it becomes affordable and it can benefit from the subsidy discount offered by the Chinese government. The decision comes after the electric car company has had fragile encounters with the Chinese market.
A unique Model Y for the Chinese market
Yesterday, Tesla’s website in China presented Standard Range (SR) Model Y, and the price allows buyers to benefit from the government’s subsidies. The starting price is around $ 45,001, but after the subsidy is used, the cost can be reduced up to $ 42,589. The price is looking good compared to the original Model Y that had a starting price of $53,700 on the Chinese market last year.
When can Chinese citizens buy the new Model Y?
According to the information on the website, the SR Model Y will be ready in August. Because of the pollution situation in China, its government decided to offer subsidies for electric cars, but there is a catch. The price of the electric car should be under $46,000 dollars.
Tesla has to compete with the Chinese electric cars
As if pressure was not high enough, Tesla’s SR Model Y has to compete with local manufacturers such as NIO, Xpeng, BYD and more. In 2021, Tesla has suffered a 9% loss on the stock market (TSLA, +1.27%). The earnings for the second quarter will be revealed on the 4th of August.
Model Y: specs
Tesla’s Model Y is an all-wheel drive and independent electric vehicle. It has been designed to ensure the safety of its passengers, and it can carry up to 7 passengers. The vehicle has two dual motors, and it can be used in all types of climates