Tesla's revamped Model Y sees strong early interest in China with 200,000 units ordered

It looks like Tesla's new Model Y is getting some serious traction in China. According to local reports, the new model attracted 200,000 pre-orders since its January 10th debut. A portion of these orders are refundable, but the sheer volume suggests significant consumer interest in the updated electric SUV. These numbers are good news for Tesla's investors waiting to see what happens as the company plans to introduce the highly anticipated Cybertruck later this year.

The revamped Model Y, sold in China as the "Launch Series," initially offered two variants: a rear-wheel-drive model priced at RMB 263,500 (approximately $36,380) and a long-range all-wheel-drive version at RMB 303,500 ($41,860). These limited-time offerings, available until February 28th, included an extended warranty of two years or an extra 40,000 kilometers. After the Launch Series concluded, Tesla began selling the standard version of the new Model Y on March 1st, maintaining the same pricing but without the added warranty.

Delivery times vary depending on the chosen model. Customers ordering the rear-wheel-drive version can expect a wait of 2-4 weeks, while the long-range all-wheel-drive version has a longer lead time of 6-10 weeks, according to Tesla's Chinese website. Interestingly, the long-range version has seen a higher conversion rate from pre-orders to actual purchases.

Tesla is pushing for advanced driving features with a software update, version 2024.45.32.12, rolling out just before deliveries started, bringing FSD-like smart driving capabilities to eligible vehicles. However, Tesla salespeople are advising customers to hold off on purchasing the full FSD package, priced at RMB 64,000. They cite concerns about the system's performance in China, and suggest that a monthly subscription model may be introduced in the future.

About Cybertruck's potential market in China - pickup trucks are far less common in the country, and any success of this controversial EV is uncertain. Tesla believes its innovative design and forward-thinking approach could attract younger consumers. The company hopes the Cybertruck will reignite interest in the brand, and for the sake of the investors - we hope Tesla is right.

The initial success of the refreshed Model Y, coupled with Tesla's continued focus on software updates and future vehicle launches, shows the company is fully committed to the Chinese market. How the Cybertruck will fare is an entirely different story, but the strong early demand for the Model Y is a breath of fresh air for the struggling Tesla.

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