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Home Business & Finance Economic Policies

Tesla Launches Refreshed Model Y as Competition Heats Up todayheadline

January 12, 2025
in Economic Policies
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Please note that we are not authorised to provide any investment advice. The content on this page is for information purposes only.

Tesla (NYSE: TSLA) has launched a refreshed Model Y in several countries. The model is priced around 5.4% higher than the previous version and comes with a higher range and faster acceleration speed.

The Model Y refresh is currently available for pre-sales in China and some other Asian countries, New Zealand, and Australia, with deliveries set to commence in March. The company hasn’t yet launched the new model in North America and Europe. The Model Y is the best-selling car globally, but the company did not refreshed the model for quite some time.

Importantly, the model would be available in China, Tesla’s second-biggest market. The Chinese market is regarded as the most competitive EV (electric vehicle) market globally and Tesla is battling competition from domestic Chinese brands including BYD which is the biggest seller of NEVs (new energy vehicles) globally.

While EV adoption rates in the US have sagged, they have surged past 50% in China and every second car sold in the country is a NEV now.

Tesla Reported a Fall in Global Deliveries

Tesla’s global deliveries fell on an annual basis last year for the first time in history. However, the company’s deliveries rose 8.8% YoY to 657,000 in China. It was the second consecutive year that Tesla delivered over 600,000 cars in the world’s biggest EV market and the country now accounts for 36.7% of its global deliveries.

Last year US President Joe Biden imposed sweeping tariffs on several Chinese goods, including electric cars, and increased the tariffs to 100%. The move won’t hurt Chinese automakers much, at least for now, as they don’t yet export to the country. The US is hardly the only country trying to clamp down on EV imports from China though and Canada too imposed a 100% tariff on EV imports from the country.

However, the bigger trouble for Chinese EV companies is the tariffs in the EU as the region was emerging as a key export destination for them.

tsla deliveries

Several Countries Clamp Down on EV Imports from China

While many countries allege that Chinese EV companies can sell cars at low prices due to government subsidies, some others believe that they are simply more efficient than automakers in other countries. On multiple occasions, Tesla’s CEO Elon Musk has praised China’s manufacturing ecosystem and EV companies. Last year, during Tesla’s Q4 2023 earnings call, he said, “Frankly, I think if there are not trade barriers established, they will pretty much demolish most other companies in the world.”

Tesla Launched Smart Summon Feature in China

China is an important market for Tesla. The country is not only the second-largest market for the Elon Musk-run company but is also home to its Shanghai Gigafactory, the company’s most efficient plant.

Last month, Tesla launched its “Actually Smart Summon” feature in China. The feature will be available in vehicles with full self-driving (FSD) and enhanced autopilot features and was rolled out through an over-the-air update.

Notably, the feature allows the car to move from the parking lot to the place where it is “summoned”.

Tesla is Yet to Receive Approval to Launch FSD in China

While the feature was available in Tesla cars in the US the company hadn’t rolled out the feature in China where it is currently not offering FSD even as it lets car buyers purchase the subscription. Tesla expected regulatory approvals in China by the end of 2024 but so far we haven’t heard anything concrete about these approvals. The company was looking to start offering FSD in the country from Q1 2025 but lack of regulatory approvals might lead to a delay.

Notably, the name FSD is misleading as while the software is quite advanced, it is not L4 fully autonomous as the name might suggest. The nomenclature has been a point of contention with US regulators who accuse the company of deceptive marketing.

Notably, while Tesla increased the price for FSD from $10,000 to $15,000 in the US in two tranches, the company eventually lowered it to $8,000 amid apparent weak demand at higher prices. Musk previously said that he expects FSD to cost as high as $100,000 which would mean that the software would be pricier than the car itself.

Xpeng Motors Also Offers Advanced Self-Driving Features

Chinese EV company Xpeng Motors offers one of the most advanced self-driving features in the country. In 2023, Volkswagen partnered with Xpeng Motors to build two EVs on its platform and also bought a stake in the company for a total consideration of $700 million. The deal was a pathbreaker for not only XPEV but also the Chinese EV ecosystem as it reflected the confidence of the German auto giant in a startup EV company. It was also a testimony to Xpeng Motor’s self-driving capabilities. The two companies have expanded their partnership and last year announced a joint sourcing program to cut down costs.

China EV Price War

Notably, there has been an intense price war in the Chinese EV industry. The EV war in China began in Q4 2022 when Tesla lowered car prices. The EV giant’s price cuts were followed by similar announcements from other carmakers including Xpeng Motors, Ford, Toyota, and Nissan. Even NIO which is a premium EV brand and once ruled out joining the price war had to cut vehicle prices to remain competitive.

Notably, Chinese consumers are quite price-sensitive, and domestic EV companies have been launching budget models to spur their deliveries.

China has also been a particularly tough market for foreign automakers and they have been losing market share to domestic Chinese companies. General Motors’ China operations also posted a loss in Q3 2024 but the company is not giving up on that market yet. Last month, it restructured its China operations and incurred over $5 billion in charges.

As for Tesla, while most other foreign, especially US brands, have struggled in China, the company still looks popular among Chinese consumers. It might sound counterintuitive though as Musk has closely associated him with president-elect Donald Trump whose tough stance on China is no secret.

About Mohit PRO INVESTOR

Mohit Oberoi is a freelance finance writer based in India. He has completed his MBA in finance as a major. He has over 15 years of experience in financial markets. He has been writing extensively on global markets for the last eight years and has written over 7,500 articles. He covers metals, electric vehicles, asset managers, tech stocks, and other macroeconomic news. He also loves writing on personal finance and topics related to valuation.

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