Tesla unveils improved Model Y in China, targets rivals like Xiaomi

January 10, 2025 (MLN): Tesla launched a revamped version of the Model Y, its best-selling car, in China on Friday, hoping that upgraded features such as heated seats and a better acoustics system will help it regain market share taken by rivals such as Xiaomi.

The new Model Y is priced at 263,500 yuan ($35,900),5.4% more expensive than the previous version in China, Tesla's second-largest market, the U.S. automaker said on its Weibo social media account, according to Reuters.

Tesla first launched the Model Y in 2020 and it became the world's best-selling model in 2023, Reuters added.

The aging model, however, lost some sales momentum last year, hurt by competition from Chinese rivals in China while in other markets demand for electric vehicles has weakened, it further noted.

It plans to launch a six-seat variant of the Model Y later this year, sources have previously said.

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