Tesla seeks a comeback in China with refreshed Model 3 and Model Y



Tesla, faced with a shrinking market share in mainland China, plans to follow the lead of its local rivals by rolling out larger and longer-range variants of its Shanghai-made vehicles to entice consumers.
A six-seat Model Y and an upgraded edition of the Model 3 that has an 800km driving range were likely to strengthen the US carmaker’s mainland deliveries in the coming months, but it might not be sufficient to regain its dominance in the country’s premium electric vehicle (EV) segment, according to dealers and analysts.

Tesla was expected to begin delivering the refreshed Model 3 and Model Y to mainland customers as early as September.

“Tesla has learned a lesson from its Chinese rivals – luring consumers with updated editions,” said Tian Maowei, a sales manager at Yiyou Auto Service in Shanghai. “It pins hope on the new tactic to adapt to the changing consumer trends in the market.”

According to the China Passenger Car Association (CPCA), Tesla’s share of the mainland EV market fell to 3.8 per cent in June from 6.9 per cent a year earlier. The company’s EV sales accounted for 16 per cent of the national total in 2020, when its Shanghai Gigafactory opened.

The Shanghai factory, Tesla’s largest production hub worldwide, builds only fully electric Model 3 and Model Y sport-utility vehicles.

  • Related Posts

    Why Hong Kong’s tech index is failing to ride the Chinese AI stock boom

    Investor frustration is growing with Hong Kong’s technology index, as the benchmark’s prolonged slide contrasts sharply with the soaring share prices of several Chinese AI firms that recently went public…

    Continue reading
    How customised AI is delivering real-world impact

    [The content of this article has been produced by our advertising partner.] The AI systems delivering the strongest results today are the ones built in-house and trained on proprietary data…

    Continue reading

    Leave a Reply

    Your email address will not be published. Required fields are marked *