Tesla Inc. (NASDAQ:TSLA) has reportedly received over 120,000 orders for the Model Y L SUV in China since it was launched last month.
Averaging 10,000 Orders Every Day
The company is averaging nearly 10,000 orders for the Model Y L SUV per day, Chinese local media outlet Cailian reported on Wednesday, citing a Tesla sales personnel in China.
The Model Y L is a 6-seater version of the Model Y SUV, available in the Chinese market for over $47,184. The SUV offers over 467 miles of CLTC range via an 84 kWh battery, all-wheel drive and 19-inch wheels.
Model 3 Price Cut, Chinese Sales Woes
The news comes as the company also announced a price cut in the Model 3 sedan's long-range version. The company slashed the trim level's price by 3.7% to $36,391.
Meanwhile, Tesla has been struggling in the Chinese market, with the company registering a 27% YoY drop in insured registrations recently, as it registered 10.3k units in China during the week of August 18 to August 24.
Meanwhile, data released by Deutsche Bank showcases that Tesla could deliver over 54,000 units in August in China, which, while illustrating a 29% surge over July, still constitutes a 17% YoY decline.
BYD's Annual Sales Cut, Xpeng Releases P7 Sedan
Elsewhere, BYD Co. Ltd. (OTC:BYDDY) (OTC:BYDDF) has reportedly cut its annual sales target for 2025 by 16% to 4.6 million units as the Chinese EV giant reported a 30% drop in profits.
On the other hand, Xpeng Inc. (NYSE:XPEV) has unveiled a new $30,000 Model 3 rival, the P7 sedan in the Chinese market. The company says it received over 10,000 orders for the vehicle in seven minutes.
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