Tesla's Model Y L SUV is on the way
What's the story
Tesla has announced the upcoming launch of its new Model Y L in China. The electric vehicle (EV) maker made the announcement on Chinese social media platform Weibo, sharing a video of the new car. The Model Y L is a six-seat variant of Tesla's best-selling Model Y and comes with an extended wheelbase for added space and comfort.
Market strategy
Sales in China fell 8.4% last month
The launch of the Model Y L comes as Tesla faces stiff competition from local automakers, including Xiaomi. The tech giant recently launched its own EV, the YU7. In July, Tesla's sales of China-made electric vehicles fell by 8.4%, amid a price war and the emergence of cheaper EVs from Chinese competitors.
Expansion
Tesla to also introduce longer-range Model 3 in China
Along with the Model Y L, Tesla is also planning to introduce a longer-range, rear-wheel-drive version of its Model 3 in China. This was revealed in filings published on China's industry ministry website in July. The moves are part of Tesla's strategy to refresh its product lineup and maintain its position in the highly competitive Chinese EV market.