SHANGHAI, Jul 20 (SMM) — Recently, Tesla has officially released Standard Range Model Y, whose price has fallen to 276,000 yuan. The latest Model Y is different from the previous two Model Y models mainly in motive power and battery system as it has cancelled the front induction asynchronous motor and is driven only by the rear wheels. Its battery pack has switched from the 76.8Kwh ternary battery pack to 60Kwh LFP battery pack provided by CATL. Its driving range is 525 kilometres, which is higher than the High Performance version (480 kilometres) and is only 69 kilometres less than the Long Range version.

In the entire Tesla product matrix, its driving range is second only to the Model Y Long Range version (594 kilometres) and the Model 3 Performance version (605 kilometres), placing it in the middle level.

The Standard Range Model 3 experienced two substantial price cuts last year. The first price cut occurred in May 2020 when prices fell to less than 300,000 yuan for the first time, with the selling price at 271,500 yuan after subsidy. This allowed the sales of Model 3 to skyrocket 173% MoM that month and 32% in the following month.

The price of Standard Range Model 3 was lowered to 249,900 yuan in October 2020, which drove a 20% increase in sales that month and a 64% increase in the following month. The price cut of the Standard Range Model Y is expected to reproduce this trend.