Tesla boss Elon Musk has broken ground at a new factory in Shanghai, the electric carmaker’s first manufacturing plant outside the US. The facility will produce Model 3 and Model Y cars as it pushes to grow its presence in the world’s largest car market. The American automaker faces rising competition from local rivals in China. But the new factory would help Tesla avoid US tariffs on car imports into the country. In a series of tweets on Monday, Mr Musk said the plant would build “affordable versions” of the Tesla Model 3 – the carmaker’s mass market vehicle – and its proposed Model Y for the Greater China region.
Elon Musk-led Tesla Motors (TSLA) is refreshing its Model Y electric vehicle at the beginning of the year and hopes to see a sales spurt. The Friday announcement by the electric vehicle maker revealed the cost and date of deliveries of the revamped popular Tesla Model Y vehicle. Tesla has reportedly introduced the new version to take on growing domestic competition in China.
According to the electric vehicle company, the new Model Y will have a starting price of $35,935, equivalent to 263,500 yuan. Earlier, Model Y had a base price of about 5.4 percent cheaper than the new price. Deliveries are expected to begin in March. Tesla China said pre-booking will be available only in the country and not worldwide.
Tesla’s Model Y has been the best-selling model in China in 2024, and its sales have been high. The electric vehicle maker plans to cash on this popularity by adding a five-year zero percent interest plan for the new model and other incentives.
Tesla also said the new Model Y can go from 0 to 100 kilometers in 4.3 seconds. Increased acceleration is not the only change. The new model also has a more extended driving range than the earlier model.
Tesla vehicles have dominated the electric vehicle market for decades. Still, other competitors, including legacy car makers and startups, have started offering competition, which might be the reason for a revamp.
CWEB analysts have rated Tesla stock as a buy for decades. Although the recent quarter results were slightly below expectations, Tesla has seen an almost 70 percent increase in stock price over 12 months. Elon Musk’s close relationship with incoming President Donald Trump augurs well for all the companies led by Elon Musk, some of which include Tesla, SpaceX, X, xAI, and others.
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