Model Y in China

The Tesla Model Y is cooking in China. Despite the big competition, the Model Y was the best-selling model in China in the first quarter of 2023. According to data from London-based research firm JATO, 94 469 units were sold during the period. That shows a 26% year-on-year gain and beats the next best-selling model by more than 20 000 units. It looks like the recent price cuts have been working.

Despite the Model Y being the best-selling Model, BYD sold the most units in the quarter across its various models. The Chinese EV maker sold a whopping 552 076 cars for the period.

The EV market in China is huge and Tesla's success there is crucial. They plan to expand their Shanghai factory for this very reason.