Tesla

The Tesla Shanghai Megafactory will begin capacity ramp-up in the first quarter.

Tesla China's sales in January, including exports, were down 11.49 percent from 71,447 a year ago and down 32.56 percent from 93,766 in December.

Tesla plans to hold a ceremony on February 11 for the start of production at its Shanghai Megafactory, which will begin capacity ramp-up in the first quarter.

Tesla is offering RMB 8,000 ($1,100) in insurance subsidy for the Model 3, restarting a promotional tool it has used many times previously on the first working day of the Year of the Snake in the Chinese lunar calendar.

The automotive business was the main reason for Tesla's weaker-than-expected earnings, as incentives were more intense than expected.

The facelifted Model Y has been better accepted than the facelifted Model 3 after its launch in China, according to local media.

The software issues include reverse camera not displaying and steering assistance being limited.

In the past nine months, the monthly deliveries of the Xiaomi SU7 beat the Model 3 in China four times.

Model Y production will be suspended for about three weeks to increase production, and Model 3 production will also be suspended during the Chinese New Year, according to Bloomberg.

The single-motor version of the facelifted Tesla Model Y is powered by batteries from CATL, and the dual-motor version is powered by batteries from LG Energy Solution.