Tesla China is planning a new “lower-priced Model Y”

Tesla's Chinese team has led the development of a new model to cope with fierce competition in the market. The "lower-priced Model Y" doesn't have much change in the battery, power and chassis, compared to the current Model Y, according to local media. The timing of the launch of this new model will depend on the order performance of the updated Model Y 

Tesla China is developing a new model to cope with fierce competition in the market, according to local media. The new model is a "lower-priced Model Y" with no major changes to the battery, power and chassis compared to the current Model Y. Tesla China is developing this new model through depop, an internal Tesla development process that streamlines configurations to enable rapid product launches while leaving key features unchanged, according to local media. The timing of the new model's launch will depend on the performance of orders for the updated Model Y, adding that Tesla is expected to launch the "cheaper Model Y" later this year if sales of the updated Model Y don't perform as well as expected. Tesla launched the revamped five-seat Model Y in China on January 10 and began offering two variants it dubbed the "Launch Series," with deliveries starting on February 26. The two variants include a rear-wheel-drive version with a starting price of RMB 263,500 yuan ($36,360) and a long-range all-wheel-drive version with a starting price of 303,500 yuan. The Model Y Launch Series was on sale for a limited time until February 28, and buyers got an additional two-year or 40,000-kilometer extended warranty. The revamped Model Y had racked up 200,000 orders nationwide in China. Tesla sold 26,777 vehicles in China's domestic market in February, down 11.16% from 30,141 in the same month last year and down 20.55% from 33,703 in January, according to the China Passenger Car Association (CPCA). 

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