Tesla launches cheaper Model Y in China; China-made car sales muted in June
Reuters | Jul 08, 2021 08:32 PM EDT
Visitors wearing face masks check a China-made Tesla Model Y sport utility vehicle (SUV) at the electric vehicle maker s showroom in Beijing, China (Photo : REUTERS/Tingshu Wang)
U.S. electric vehicle maker Tesla Inc on Thursday introduced a cheaper version of the Model Y in China, where it faces increased scrutiny from both regulators and the public and growing competition from local rivals.
Tesla s sales of China-made vehicles slipped in June from the previous month, the China Passenger Car Association (CPCA) said on Thursday.
It’s the latest sign of how a new generation of tycoons in China is amassing vast fortunes in the clean-energy boom. Investors have pushed up stocks such as CATL, a key supplier to Tesla Inc, as the country leads the market for electric-vehicle sales and pursues an ambitious policy of reaching carbon neutrality in 2060.
“The billionaire ranking used to be dominated by real estate tycoons and later tech entrepreneurs, and now we are seeing more from the new energy sector,” said Hao Gao, director of Tsinghua University’s NIFR Global Family Business Research Center. “As the industry leader for electric-vehicle batteries, CATL will benefit most from the carbon emission goal.”
Zeng Yuqun, the founder of the world’s biggest electric-vehicle battery maker, has overtaken Jack Ma in the wealth rankings, a symbolic moment in the rise of China’s green billionaires. Zeng’s net worth has jumped to $49.5 billion, according to the Bloomberg Billionaires Index, as shares of Contemporary Amperex Technology Co. Ltd. surged this year. That exceeds Alibaba Group Holding Ltd. co-founder Ma’s wealth of $48.1 billion and makes Zeng one of the five richest people in Asia for the first time. It’s the latest sign of how a new generation of tycoons in China is amassing vast fortunes in the clean-energy boom. Investors have pushed up stocks such as CATL, a key supplier to Tesla Inc., as the country leads the market for electric-vehicle sales and pursues an ambitious policy of reaching carbon neutrality in 2060.
Zeng’s net worth has jumped to $49.5 billion, according to the Bloomberg Billionaires Index, as shares of Contemporary Amperex Technology Co. Ltd. surged this year. That exceeds Alibaba Group Holding Ltd. co-founder Ma’s wealth of $48.1 billion and makes Zeng one of the five richest people in Asia for the first time.
It’s the latest sign of how a new generation of tycoons in China is amassing vast fortunes in the clean-energy boom. Investors have pushed up stocks such as CATL, a key supplier to Tesla Inc., as the country leads the market for electric-vehicle sales and pursues an ambitious policy of reaching carbon neutrality in 2060.
Over 33,000 Model 3 and Model Y were sold in China or exported.
In June, Tesla once again significantly increased its EV sales in China, reaching one of the highest levels ever.
The total volume (sales and export) - according to the China Passenger Car Association (CPCA) s data (via
Reuters and
Moneyball s reports) - stands at 33,155 Made-in-China (MIC) Model 3/Model Y, which appears to be the third-highest monthly result ever! The year-over-year growth stands at over 122%! CPCA reports wholesale shipments, not registrations/deliveries.
The past four months were actually the best four months for Tesla Giga Shanghai sales:
The number of 33,155 includes: