In the Chinese market, Tesla managed to double its profits of about 50,000 vehicles from 2019. This reports comes regardless of the world’s electric vehicle market declining by about 50 percent in the exact same time, down to 235,000 vehicles sold. According to a Nikkei report, Tesla’s market share jumped from 6 percent to 21 percent, with the majority of this boost coming from the Model 3 sedan.
Tesla began shipping the Model 3 from its Shanghai factory back in January 2020 and it is the company’s most low-cost vehicle that goes for about 270,000 Yuan (roughly 39,000 US Dollars). This is whenever subsidies are applied, which lowered the price of the exact model imported from the US by extra than 30 percent. Buyers were Additionally drawn in by the fact that a used Tesla vehicle retains its price better than additional electric vehicles.
Furthermore, the company is exposing with no signs of stopping like it has begun taking orders of another vehicle it built in its Shanghai factory, namely Model Y series SUVs. As stated by to a CaixinGlobal report, the new SUVs will come in 2 varied variants, like the long range version and the performance version. The former is valued at 488,000 yuan (roughly 70,800 US Dollars) whereas the latter is estimated at 535,000 yuan (roughly 77,700 US Dollars). The long range version could travel up to 505 kilometers on a single charge and can accelerate from 0 to 100 kph in 5.1 seconds whereas the performance version could reach up to 480 kilometers however can accelerate to 100 kph in only 3.7 seconds.