Courtesy: Reuters Tesla introduced an updated version of the Model Y, its top-selling vehicle, in China on Friday, aiming to reclaim market share with enhancements like heated seats and an improved acoustics system, amid rising competition from brands such as Xiaomi. The starting price for the revamped Model Y is 263,500 yuan ($35,900), representing a 5.4% increase compared to the previous model in China, Tesla announced on its Weibo account. The Model Y, first launched in 2020, became the world’s best-selling vehicle in 2023. However, the model's aging design saw a decline in sales last year, facing tough competition from Chinese automakers domestically, while demand for electric vehicles also slowed in other regions. A six-seat version of the Model Y is expected to launch later this year, according to earlier reports. Information regarding Tesla's strategy for introducing the upgraded Model Y in other global markets was not immediately available. The long-range version now offers a driving range of 719 kilometers per charge, an improvement from the previous 688 kilometers. Tesla initially launched the Model Y in 2020, which became the world's top-selling car in 2023. The model lost sales momentum last year due to increasing competition from domestic manufacturers in China, while global demand for EVs declined. In 2020, Tesla was the leading producer of battery-electric vehicles in China, but local competitors have since gained ground by attracting buyers with advanced smart car features. Tesla's share of China’s battery-electric vehicle market fell to 10.4% last year, down from 11.7% in 2023. facebook