U.S. Markets closed

Tesla’s New Model Y Is a No-Show at the Shanghai Auto Show

Bloomberg News
Tesla’s New Model Y Is a No-Show at the Shanghai Auto Show

(Bloomberg) -- The new Model Y crossover that Tesla Inc. hopes will satisfy growing consumer preference for bigger vehicles didn’t make it over to the Shanghai auto show.

The car instead will be shown at an event in the U.S. later this month, a spokeswoman said Tuesday. Still, Tesla is showcasing two Model 3 cars, a Model X and a Model S at its booth.

Chief Executive Officer Elon Musk unveiled the Model Y last month even though Tesla won’t deliver the electric vehicles to customers for another year. A prototype of the mid-sized Model Y was roughly 10 percent bigger than the company’s best-selling Model 3 sedan.

Initially, three higher-end editions of the new vehicle will be available, with a standard version scheduled to arrive in spring 2021 for about $39,000. The company immediately began taking $2,500 pre-orders for the vehicle, a move that contributed to some analyst concerns about the company’s cash position.

Tesla’s presence in China is critical as the country tries to capitalize on the world’s largest market for EVs. The company is building a factory in Shanghai that could be partly operating by year end, a city official said last month.

To contact Bloomberg News staff for this story: Yan Zhang in Beijing at yzhang1044@bloomberg.net

To contact the editors responsible for this story: Young-Sam Cho at ycho2@bloomberg.net, Michael Tighe

For more articles like this, please visit us at bloomberg.com

©2019 Bloomberg L.P.