New models will help electric vehicle sales in China zoom this year, after tepid business in a virus-riddled 2020, and analysts predict Tesla's Model Y pricing will emerge as a major disruptor in the world's biggest car market.
By Yilei Sun and Brenda Goh BEIJING/SHANGHAI (Reuters) - New models will help electric vehicle sales in China zoom this year, after tepid business in .
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Tesla Inc’s (NASDAQ: TSLA) Model Y electric vehicle will help boost sales and emerge as a major disrupter of that country’s auto market in 2021, analysts are estimating, as reported by Reuters on Monday.
What Happened: China the world’s largest car market saw the launch of the locally made Model Y sports utility vehicles this month for a price of RMB 339,900 ($52,376), which is less than a tenth of gasoline-powered luxury cars with a similar market positioning made by
Daimler AG (OTC: DDAIF),
Bayerische Motoren Werke AG (OTC: BMWYY), and
Volkswagen AG (OTC: VWAGY), according to Reuters.
“The pricing will disrupt the conventional premium cars market and shatter the traditional belief that the cost of an electric vehicle (EV) should be higher,” Cui Dongshu, secretary-general of China Passenger Car Association (CPCA) told Reuters.