Get 40% Off
🤯 This Tech Portfolio is up 29% YTD! Join Now to Get April’s Top PicksGet The Picks – Just 99 USD

Electric vehicle maker Tesla to deliver China-made Model Y SUVs this month

Published 12/31/2020, 11:05 PM
Updated 01/01/2021, 12:05 AM
© Reuters. FILE PHOTO: A Tesla logo is seen at a groundbreaking ceremony of Tesla Shanghai Gigafactory in Shanghai

© Reuters. FILE PHOTO: A Tesla logo is seen at a groundbreaking ceremony of Tesla Shanghai Gigafactory in Shanghai

BEIJING (Reuters) -Tesla Inc said on Friday it has started selling China-made Model Y sport-utility vehicles (SUV) and will deliver them to customers this month, as the U.S. electric vehicle maker expands sales in the world's biggest car market.

China, which offers hefty subsidies for electric vehicles as it seeks to cut down on pollution from petrol or diesel cars, is key to Tesla (NASDAQ:TSLA)'s global strategy. It is expanding its Shanghai car factory, where it also builds its Model 3 sedans. In October, it started exporting Model 3 vehicles to Europe.

It is also adding manufacturing capacity for EV chargers in Shanghai and expanding its sales and service network around the country. It sold over 20,000 vehicles in November.

The starting price of a Model Y in China is now 339,900 yuan ($52,091.95), according to its China website.

© Reuters. FILE PHOTO: A Tesla logo is seen at a groundbreaking ceremony of Tesla Shanghai Gigafactory in Shanghai

Tesla's rivals in China include Volkswagen AG (OTC:VWAGY), BMW as well as local startups such as Nio (NYSE:NIO) Inc, Xpeng Inc, and Li Auto Inc, which all have electric SUV models. ($1=6.5250 Chinese yuan renminbi)

Latest comments

Do people in the US really want to pay TSLA prices for a car made in China? Where's the caché in that? If rather buy American or Japanese myself.
TESLA'S ACHILLES HEEL.....CHINA.
Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.