The Chinese electric-vehicle market is becoming increasingly competitive, and Tesla is determined to stay ahead. According to a recent Bloomberg report, the American EV manufacturer is preparing to introduce an updated version of its popular Model Y SUV at its Shanghai plant. The revamped Model Y will feature both interior and exterior changes and is expected to go into mass production by mid-2023.
This strategy is not new for Tesla, as earlier this year, they launched an enhanced version of the Model 3 in China, which boasted a longer driving range and a higher price point.
Tesla’s stock saw a 1.6% increase on the first trading day after Christmas due to weekly insurance-registration data indicating that the company is on track for a record-breaking quarter in China. These registrations serve as a proxy for sales volume, further boosting investor confidence.
In December alone, Tesla’s stock has already risen by 6.9%, contributing to an impressive 108% increase throughout 2023, while the S&P 500 has gained 24% over the same period.
The excitement continues as January 2 approaches when Tesla will release its fourth-quarter delivery data. Analysts will closely watch the number 475,000, representing the expected number of vehicles delivered in the quarter. This figure surpasses the previous quarter’s delivery count of 435,000.
During premarket trading on Wednesday, Tesla’s stock indicated a 0.3% increase, whereas Li Auto experienced a 1.8% rise. However, other Chinese EV manufacturers faced challenges, with NIO falling by 1.2% and XPeng slipping by 1%.
Tesla has not yet responded to a request for comment as of early Wednesday.
