Tesla, Inc. (NASDAQ:TSLA) is reportedly preparing to introduce a longer, six-seat version of its Model Y sport utility vehicle in China.
The news comes after Tesla reported a 75% plunge in sales in China during the first week of July as the company recorded 5,010 insured registrations.
Bloomberg reports, citing data from the Ministry of Industry and Information Technology’s website, that the vehicle will be about 150 centimeters (5.9 inches) longer than the existing Model Y.
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Battery supplier LG New Energy is listed in the filing, indicating its role in powering the vehicle, the report adds.
According to Benzinga Pro, TSLA stock has gained over 24% in the past year, but it’s down over 15.7% year to date. Investors can gain exposure to the stock via Simplify Volt TSLA Revolution ETF (NYSE:TESL) and Roundhill ETF Trust Roundhill TSLA WeeklyPay ETF (BATS:TSLW).
Future Fund LLC’s managing director, Gary Black, recently hailed Tesla’s sales in the Chinese domestic market as Elon Musk’s EV maker gains momentum.
The investor took to social media platform X on Tuesday to share the data in a post. “Tesla China reported a strong 12.3K insured registrations for the week of July 7-13,” he said in his post.
The investor added that the figures indicated it was the “highest second week” of the quarter of all time for Tesla in China. “After two weeks. 3Q is +92% QoQ and -3% YoY,” Black said in the post.
Still, BYD (OTC:BYDDY) (OTC:BYDDF) recently surpassed Tesla in global battery electric vehicle (BEV) sales, according to the International Council on Clean Transportation. It also reported annual revenue of 777 billion yuan ($107 billion) for 2024, surpassing Tesla.
Tesla will sell the Model Y rear-wheel drive trim in India for over 6 million Indian National Rupees (INR) or approximately $70,000, according to a listing on Tesla’s official Indian website.
Tesla will also offer the Model Y long-range rear-wheel drive will retail for 6.8 million INR (roughly $79,000). The company will also offer FSD or Full Self-Driving in the country for an additional 600,000 INR, or approximately $7,000.
Price Action: TSLA shares are trading higher by about 3% to $320 at last check on Wednesday.
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