The Tesla Model Y has the best resale value out of any other battery electric vehicle in China according to data from the China Automobile Dealers Association. The Model Y is the best-selling SUV in China and has a one-year value retention rate of 88.76% among battery electric vehicles in the nation according to a list published by the CADA in September.
In August, Tesla Model Y retail sales totaled 31,112 units reflecting 168.76% up from the 11,576 units sold in August 2021, CnEVPost reported. In July, Tesla Model Y retail sales totaled 7,640 units. In September the China Passenger Car Association ranked the Model Y as the best-selling of all premium SUVs in China which start at over 300,000 yuan or $43,360.
Between January and August 2022, the Tesla Model Y sold a total of 172,418 units in China which is almost triple the sales of the Model 3.
Considering that Elon Musk has mentioned that the Chinese automotive companies are the most competitive in the world, this says a lot about the American company. One thing Elon Musk pointed out that the competitors were good at was software which he said would most shape the future of the automobile industry.
Recently, Tesla China began offering a new subsidy program that requires its in-house insurance program, a strategy that may help Tesla keep its dominance in China. Tesla is offering customers who take delivery between September 16 and September 30th a subsidy of 8,000 yuan or around $1,140 if they purchase insurance in-store from Tesla.
The new subsidy followed Tesla’s reduction of delivery times in China to 1-4 weeks from the previous 4-8 weeks.
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