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Tesla Inc (NASDAQ: TSLA) on Monday began delivering Model Y vehicles to China.
What happened: The Elon Musk-led company posted photos of customers taking deliveries of the midsize electric sport utility vehicle on its Twitter feed.
欢迎! Model Y deliveries to China officially started pic.twitter.com/fG5aax1k2b
– Tesla (@Tesla) January 18, 2021
Initial deliveries to Shanghai will be followed by other cities, according to Tesla, reported Xinhua – a Chinese government news agency.
Why is this important: The Model Y went on sale in China in early 2021 and has garnered enough orders to deplete supplies for the first three months of 2021, according to Electrek.
See also: Massive quantity of Tesla Model Y vehicles spotted at Gigafactory Shanghai, appear ready for delivery
Priced at RMB 339,900 ($ 52,376) in China, analysts expect the SUV to boost Tesla’s Chinese sales and emerge as a disruptor in the East Asian country’s auto market this year. .
The price of the vehicle is less than a tenth of similar gasoline-powered luxury cars made by companies like Daimler AG (OTC: DDAIF), Bayerische Motoren Werke AG (OTC: BMWYY), and Volkswagen AG (OTC: VWAGY), according to Reuters.
The vehicle will also threaten the growing dominance of home EV businesses such as Nio Inc (NYSE: NIO), Xpeng Inc (NYSE: XPEV), BYD Company Ltd (OTC: BYDDF), and Li Auto Inc (NASDAQ: LI).
Price action: Tesla stock closed nearly 2.2% at $ 826.16 on Friday and fell nearly 0.3% in the after-hours session.
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