Tesla's Strategy to Attract Chinese Families with New Model Y

Tesla Inc. is strategically launching a fresh iteration of its Model Y, a six-seater SUV, which it has priced competitively alongside the extended-range L8 model by local competitor Li Auto Inc. The aim is to appeal to the middle-class families in China's fiercely competitive automotive market.

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Announced on China's popular social network Weibo, Tesla will offer this new variant of its popular Model Y for a base price of 339,000 yuan, roughly equivalent to $47,182. The company foresees the first batch of deliveries to commence as early as September.