Smart and Sustainable Electric Mobility
The small price increases for the Tesla Model Y mean that the model is unlikely to revert to price cuts in the near future, and is expected to dampen the wait-and-see attitude of some potential consumers.
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The wait time for the model remains the same as before at 2-5 weeks, and pricing and specifications for the rest of the Model Y variants and Model 3 in China remain unchanged.
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Tesla plans to produce an average of nearly 20,000 vehicles a week at its Shanghai plant in February and March, with monthly production roughly reaching September levels, according to Reuters.
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The move is a normal price adjustment for XPeng as its vehicle production costs have fallen, a spokesperson told CnEVPost.
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Traffic and orders at Tesla stores in China's second- and third-tier cities have increased sharply after the price cut, with orders at stores in some cities up 500 percent from December, according to local media.
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Tesla delivered more than 10,000 vehicles in China on the day of the price cut, with Ningbo, Zhejiang province seeing more than 200 Tesla vehicles delivered each day over the weekend just past, media report said.
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By the close of trading, XPeng was down 6.82 percent in Hong Kong, Li Auto was down 6.55 percent and NIO was down 4.03 percent.
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A Tesla executive says the price cut is due to the company's good cost control and a government call, but apparently, the more important reason is weak demand.
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