Tesla Inc (NASDAQ: TSLA) announced Saturday that it will increase the value of its Model Y Performance car in China by $1,552.
What happened: According to the report announced on Chinese microblogging Weibo, the new value of the Model Y will be 387,900 RMB.
Tesla reported an uptick in domestic shipments from China in August. The company shipped 12,885 units, an increase of nearly 50% since July, when deliveries fell 69%.
In March, the company raised the value of the Model Y by about $1226, the value increase announced through Grace Tao, Tesla’s vice president of external affairs.
During this month, Tesla increased the value of the Model Y Long Range in China to 347,900 RMB and functionality to 377,900 RMB.
The Model Y went on sale in China in early 2021 and collected enough orders to exhaust stocks in the first 3 months of the year. At the time, the vehicle was priced at RMB 339,900.
Last month, Tesla’s Giga Shanghai reached a steady 1,000 Model Y car production.
The production rate of the Model Y at Giga Shanghai is higher than that of the Model 3, which is produced at 800 cars a day.
Giga Shanghai has Tesla’s export center, as evidenced by the July sales knowledge in China reported through the China Passenger Car Association. The electric vehicle giant exported about 74% of the cars it made to China.
Why it matters: Tesla happens to be wasting floor in China with declining sales and emerging costs of its vehicles. The China Passenger Car Association reported that Tesla’s sales in China fell to 8,621 cars in July, down nearly 70% from June.
Tesla accounted for 3. 9% of Battery Electric Vehicle sales in July in China, up from 12. 6 in June.
Tesla faces a fierce festival of Chinese rivals such as Xpeng Inc. (NYSE: XPEV), Nio Inc. (NYSE: NIO), Li Auto Inc (NASDAQ: LI) and BYD Company Limited (OTC: BYDDF).
In early April, the company faced protests from Telsa homeowners at the Shanghai Motor Show related to the car’s poor quality and concerns about protection.
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