Tesla's Model Y Starts Delivieries In Shanghai

Tesla's Model Y sport utility vehicle (SUV) launched in Shanghai on Monday, making a foray into the world's top auto market where domestic manufacturers also have big plans for electric cars.

Tesla flagged the launch in an online post last week and a representative for the company confirmed the first delivery on Jan. 18. Sedans and SUVs separately make up around 46% of overall vehicles sales in China, according to industry data.

Tesla won approval from China in November to sell cars in the country with the price level for an entry model around 339,900 Chinese yuan ($52,400).

The Tesla Y model will move into a market that saw Chinese domestic auto maker Nio on Jan. 9 launch its first sedan model, the ET7, in the western Chinese city Chengdu, with a rapid rollout of other electric vehicles expected in 2021.

Nio, which delivered 43,728 electric vehicles in 2020last year, and is currently also selling three SUV models built at car factory in China's eastern city of Hefei.