Tesla’s new Model Y is a no-show at Shanghai auto show

By BLOOMBERG

BEIJING • The new Model Y crossover that Tesla Inc hopes will satisfy growing consumer preference for bigger vehicles didn’t make it over to the Shanghai auto show.

The car instead will be shown at an event in the US later this month, a spokeswoman said yesterday. Still, Tesla is showcasing two Model 3 cars, a Model X and a Model S at its booth.

CEO Elon Musk unveiled the Model Y last month even though Tesla won’t deliver the electric vehicles (EVs) to customers for another year. A prototype of the mid-sized Model Y was roughly 10% bigger than the company’s best-selling Model 3 sedan.

Initially, three higher-end editions of the new vehicle will be available, with a standard version scheduled to arrive in spring 2021 for about US$39,000 (RM161,589). The company immediately began taking US$2,500 pre-orders for the vehicle, a move that contributed to some analyst concerns about the company’s cash position.

Tesla’s presence in China is critical as the country tries to capitalize on the world’s largest market for EVs.

The company is building a factory in Shanghai that could be partly operating by year-end, a city official said last month.

Musk wrote on Sunday that Tesla will make more than 500,000 cars in the next 12 months. He said in a similar tweet almost two months ago the company would build half a million vehicles in 2019, which led the US Securities and Exchange Commission to argue he was in contempt of a settlement reached with the regulator last year. — Bloomberg