China-built Model Y reportedly pulls in over a lakh orders in ten hours
According to reports, the second Made-in-China Tesla to come from the brand's Gigafactory in Beijing, the Model Y, has sold over a lakh units within ten hours of its price announcement. While production only began at the start of December, deliveries for the Model Y are expected to begin shortly, at a price that undercuts its nearest EV rivals from local brands NIO and others.
The China-built Model Y starts at 339,000 yuan (or Rs 38 lakh without duties and taxes) for the Long Range model offering a 62kWh battery and 580km (WLTP) driving range, without the benefits of the subsidies offered by the Chinese government to cars under 300,000 yuan. The Model Y Performance, expected to start deliveries in Q3 2021, has been priced at 369,000 yuan (Rs 41.3 lakh without duties/taxes). The China-built Model Ys are also carried all 2021 interior updates as applied to the Model 3 and carry a higher amount of standard kit compared to the models sold in Tesla's home market of America.
Still, the base Model Y pricing undercuts that of its rivals, notably the NIO ES6 which offers a 70kWh battery starting at 358,000 yuan. Elon Musk has in the past estimated sales of the Model Y to far outnumber all other Tesla models put together but if this initial response to the Model Y in China is anything to go buy, everyone's estimates of Tesla sales doubling will still be on the low side. We expect Tesla's entry in India early this year, and while we expect to see the Model 3 sedan on sale first, the Model Y crossover could potentially be the game-changer, even in that niche corner of the market.