On December 27th, Red Star Capital Bureau reported that Tesla (TSLA. US) is preparing to launch an improved version of the ModelY model at its Shanghai factory, possibly starting mass production as early as mid-2024, to cope with the increasingly fierce competition in the Chinese market.
Regarding this, Tesla China's relevant person in charge responded to Red Star Capital Bureau, stating that this is false information and false information.
It is worth mentioning that Tesla has released a major overhaul of the Model 3 this year. The Model 3 was released in the United States on April 1, 2016, was first launched in July 2017, and was rumored to undergo major changes by the end of 2022, which was confirmed this year. Model Y was released in the United States in March 2019, and it has been 4 and a half years since then.
At present, Tesla Model Y comes in three versions: rear wheel drive, long endurance, and high-performance, with prices starting at 266400 yuan, 306400 yuan, and 363900 yuan, respectively. In October of this year, Tesla launched a minor facelift of the Model Y, adding multi-color ambient lights, a brand new dashboard trim panel made of high-tech textile materials, 19 inch twin star wheels, and a rear wheel drive version with a 0-100 km/h acceleration time shortened by 1 second compared to the old model.
The Tesla Model Y was the global best-selling passenger car in the first quarter of this year and also the best-selling passenger car in multiple months in China. In November, Tesla Model Y sold 49900 units in China, making it the best-selling single model in the Chinese market.
In the first three quarters of this year, Tesla delivered over 1.324 million vehicles. The company maintains a delivery guideline of 1.8 million vehicles throughout the year. Investment bank Piper Sandler expects Tesla to deliver 507000 vehicles in the fourth quarter and approximately 1.83 million vehicles for the entire year. Piper Sandler analysts maintain their "overweight" rating on Tesla and a target price of $295 per share.
However, some analysts are not optimistic, believing that as market competition intensifies and subsidies decline, the demand for electric vehicles will slow down. Bloomberg data shows that Wall Street analysts have an average expected delivery volume of 481000 units for Tesla in the fourth quarter. Analysts at RBC Capital Markets, an investment bank under the Royal Bank of Canada, have set a target of 470000 vehicles.
As of the closing of the US stock market on December 26th, Tesla rose 1.61% to close at $256.61, with a total market value of $815.7 billion.