Tesla

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.

Tesla sold 657,102 retail units in China in 2024, ranking third in the Chinese NEV market with a 6.0 percent share, according to the CPCA.

Tesla China exported 76,380 Model Y units in 2024, a 54.58 percent decrease from 2023. The Model 3 exported 183,178 units, a 4.14 percent increase from 2023.

Tesla has begun offering charging perks to Model 3 and Model Y buyers in China, as the revamped Model Y goes on sale and the price of the Model 3 goes up.