Tesla Inc. released an updated version of the Model Y in China, with improved configurations and the same starting price, in a push to better compete with local rivals. The starting price for the base model remains 263,900 yuan (just over $36,000), according to the post. The move to sweeten the Model Y offering is much-needed for the US company, as it faces escalating price pressure from domestic rivals like BYD Co., which aims to sell 3 million vehicles this year. Nio Inc. and Xpeng Inc., two other upstart Chinese electric vehicle makers gaining traction, are also expanding their lineups. Tesla in September revamped the Model 3 sedan with sleeker looks and longer range while slashing the prices of its premium vehicles in an all-out push to boost sales.

Source: Hindustan Times October 01, 2023 23:54 UTC