Tesla launches revamped Model Y in China in bid to regain market share from Nio, Li Auto

The US carmaker announced on Tuesday that the upgraded version of the Model Y would sport a price tag of 339,000 yuan (US$47,182), compared with 263,500 yuan for the entry-level edition currently.

The three-row SUV with a driving range of 751km is 25,500 yuan, or 8 per cent, more expensive than the existing long-range edition, which has a range of 750km.

“The new cars are displayed in all of our showrooms now,” Tesla said in a statement on Tuesday, adding that deliveries of the Model Y L would start next month.

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How Chinese companies have pulled ahead of Tesla in the electric vehicle race

How Chinese companies have pulled ahead of Tesla in the electric vehicle race

The vehicle, fitted with LG Energy Solution’s high-performance battery, represents the most substantial update of its Chinese-made models to date.