Tesla launches new Model Y in US, Canada, Europe weeks after China

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Finance

Posted By Global Banking and Finance Review

Posted on January 24, 2025

Tesla launches new Model Y in US, Canada, Europe weeks after China

(Reuters) -Elon Musk's Tesla launched a new higher-priced version of the Model Y, its best-selling car, in the United States, Canada and Europe on Thursday, weeks after it was first released in China.

The new Model Y, a long range all-wheel drive variant, will cost $59,990 in the U.S., according to the electric vehicle maker's U.S. website, 25% higher than its predecessor which costs $47,990.

The new variant comes equipped with the supervised full self-driving software, which is an optional addition in previous Model Y cars for $8,000.

Tesla will begin deliveries of the new car in March.

With the launch, Tesla now lists four versions of the Model Y in the U.S., with the new car costing the most, and even higher than the performance variant.

The new variant also has redesigned exteriors, upgraded features inside and a slightly extended range of 320 miles (515 km), according to Tesla.

Tesla first launched the Model Y in 2020 and it became the world's best-selling car in 2023. The ageing model lost some sales momentum last year, hurt by competition from rivals in China, while in other markets demand for electric vehicles has weakened.

(Reporting by Gursimran Kaur in Bengaluru; Editing by Alan Barona and Rashmi Aich)

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