Today's changes reduce wait times for the Model 3 and Model Y in China to an all-time low. Silver paint is no longer exclusive to the Model Y.
(A Tesla Model Y on display at the new energy vehicle auto show in Shanghai in early June 2024. Image credit: CnEVPost)
Tesla (NASDAQ: TSLA) has further shortened wait times for its locally produced models in China, the second similar change in the past month.
The latest delivery wait times for all three variants of the Model 3 sedan are 1-4 weeks, down from 1-6 weeks previously, according to CnEVPost's daily monitoring of Tesla's China website.
The latest delivery wait times for all three variants of the Model Y crossover are 1-3 weeks, down from 1-6 weeks previously.
Expected delivery dates for both the Model S and Model X, which are not built in China, are in the fourth quarter, as previously.
The last change in Model 3 and Model Y delivery wait times was on June 7, and before that they were 3-6 weeks, and 2-6 weeks, respectively, according to CnEVPost's daily monitoring.
Today's change cuts Model 3 and Model Y wait times in China to an all-time low. The previous record was seen on December 26, 2022, when they both saw wait times reduced to 1-4 weeks.
The change in wait times for Tesla models is something to keep an eye on, as past experience has shown that after they are extremely compressed, the next step is usually a price cut.
( Screenshots of Tesla China's website on July 4, 2024.)
Tesla has a factory in Shanghai that currently has an annual production capacity of over 950,000 vehicles, its largest in the world.
The factory produces the Model 3 and Model Y, and not only delivers to local consumers, but is also an export hub for Tesla.
The Model 3 is currently offered in China in three variants -- an entry-level rear-wheel drive version, a long-range all-wheel drive version, and an all-wheel drive performance version -- with starting prices of RMB 231,900 ($31,900), RMB 271,900, and RMB 335,900, respectively.
The Model 3 Performance was pre-sold in China at the end of April, and official sales began on June 2. On June 18, deliveries of the variant began in China.
The Model Y is also now available in China in three variants -- an entry-level rear-wheel drive version, a long-range all-wheel drive version, and an all-wheel drive performance version -- with starting prices of RMB 249,900, RMB 290,900, and RMB 354,900, respectively.
Tesla China sold 71,007 vehicles in June, including those sold in China and those exported from China to overseas markets, according to the China Passenger Car Association (CPCA).
That's down 2.16 percent from 72,573 in May, and down 24.20 percent from 93,680 vehicles in the same period last year.
In the second quarter, Tesla China sold 205,747 vehicles, a decrease of 16.77 percent year-on-year and down 6.85 percent from the first quarter.
Tesla China's sales in the second quarter contributed 46.34 percent of global deliveries, the first time since the second quarter of 2022 that sales were below 50 percent.
Additionally, Tesla announced today on Weibo the introduction of a new silver paint option for the Model 3 -- which was previously exclusive to the Model Y.
Information on Tesla's China website shows that Model 3 customers will need to pay an additional RMB 12,000 to choose the paint.
The Model 3 currently offers a free gray paint in China, with other options requiring a fee of RMB 8,000 for white, blue, and black, and RMB 12,000 for both red and silver.
The Model Y's free paint in China is also gray, with other options available for a fee of RMB 8,000 for white, blue, and black, and RMB 12,000 for red and silver.
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