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Tesla revealed an upgraded iteration of its beloved Model Y in China on Friday, as the American electric vehicle leader seeks to counteract competition from local contenders. The new Model Y will have a starting price of 263,500 Chinese yuan ($35,935), with deliveries scheduled to commence in March. This represents a 5.4% increase compared to the introductory price of the prior Model Y. A representative for Tesla China stated that the refreshed Model Y is currently available for pre-sale exclusively in the Chinese market and will not be released globally at this time. Tesla’s update on the Model Y follows the company’s announcement earlier this month regarding its first-ever annual decline in total deliveries for 2024. Elon Musk’s electric automobile company is encountering intensified competition globally, from emerging startups and established automakers in Europe. In China, the firm continues to grapple with an influx of competitors ranging from BYD to newer entrants like Xpeng and Nio. Jason Low, chief analyst at Canalys, highlights that the Tesla Model Y was the top-selling EV in China in 2024, emphasizing that its appeal “remains substantial.” However, he pointed out that rivalry in the sports utility vehicle (SUV) sector, specifically for vehicles priced between 250,000 yuan and 350,000 yuan, “has been intense.” “Tesla needs to present attractive smart functionalities, particularly a distinctive yet well-customized cockpit and service ecosystem,” along with “efficient” semi-autonomous driving assistance technologies “to maintain its competitiveness within the market,” Low remarked. Tesla is providing various incentives for consumers to purchase the Model Y, including a five-year 0% interest financing offer. The latest Model Y can sprint from 0 kilometers per hour to 100 kilometers per hour in just 4.3 seconds, according to Tesla, surpassing the performance metrics of its predecessor. The Model Y Long Range offers an extended driving distance on a single charge compared to its former version. Since the rollout of the Cybertruck in late 2023—priced at nearly $80,000—Tesla has not unveiled a new model. Investors have been eager for a new mass-market vehicle to rejuvenate sales. Tesla has indicated that a new budget-friendly model could be introduced in the first half of 2025. In spite of the challenges facing Tesla, the company’s stock has risen nearly 70% in the past year, partly owing to CEO Musk’s close ties with U.S. President-elect Donald Trump.