Tesla recently unveiled an update to their Model Y that features new wheels and multi-color ambient lighting inside. Furthermore, Chinese customers now benefit from an improved 0-100km/h acceleration time.
BYD recently unveiled Level 2 autonomous driving systems in its premium models and plans to make them available across its product portfolio next year.
Tang Electric SUV
The Tang, sold across Europe like Norway, was upgraded this year with new active dampers to bring it closer to the dynamic capabilities of more premium rivals. Its dual motors still produce up to 517 horsepower and can launch the vehicle from zero to 100 kilometers per hour in only 4.9 seconds – an impressive speed for full-size electric SUVs.
Inside, the 2022 Tang is now offered with two rows of seating that provide maximum comfort to buyers. Additional updates include a 15.6-inch central display screen, DiLink 4.0 (5G) intelligent network system and improved DiPilot ADAS functions.
Kris recently experienced driving the Tang and found it to be an enjoyable driver’s car with tactile materials and an intelligent layout – but not up to par with premium offerings from Volvo, Audi or Mercedes. However, it did provide decent acceleration performance for an electric SUV as well as sufficient room to comfortably seat seven people.
DOLPHIN
Tesla is facing fierce competition in China from Warren Buffett-backed BYD Co Ltd, which sold over three million battery and hybrid vehicles last year. To stay competitive in this massive EV market, Tesla upgraded their Model Y sports utility vehicle in China to incorporate HW 4.0 autonomous driving function hardware to boost sales in this emerging EV market.
Upgrades come at no extra cost and according to the company, Chinese customers should expect delivery between 2-6 weeks. In addition, the updated Model Y will feature faster 0 to 100 km/h acceleration capabilities.
The SUV will now reach 100 km/h in 5.9 seconds. Additionally, technical improvements include Quicksilver as a color option (which already features on Giga Berlin-produced Model 3 Highland refresh) as well as decreased noise, vibration and harshness levels.
BYD’s Global Ambitions
BYD is one of the world’s premier providers of rechargeable batteries and supplies them to other EV manufacturers such as Mercedes-Benz. Their revolutionary Blade Battery represents a breakthrough over older technologies and promises an exceptional range of 505 miles or more.
BYD has successfully expanded beyond China to become one of the leading sellers of electric vehicles in Europe. Their fleet of ships pick up cars from ports throughout China before transporting them directly to European customers; their first vessel, Explorer No. 1, left port in late January carrying 7,600 electric vehicles on board.
Analysts attribute BYD’s success in Europe largely to its competitive pricing structure; many models sell for under the $25,000 Tesla Model Y price point. BYD also gains market share by taking advantage of local production.
The Competition
China is a bellwether for global EV sales and the battle between BYD and Tesla has heated up significantly in recent months. Last quarter alone, Shenzhen-based BYD sold more than 700K vehicles across China while maintaining an edge with 11 times as many distributors compared to its US rival.
In October, US-based EV manufacturer Tesla upgraded their locally produced Model Y to feature upgraded interior materials and acceleration upgrades; increased battery range performance; and an updated battery. The updated rear-wheel-drive standard range version was priced at 263,900 Yuan or 36100 USD while Long Range and Performance variants of the vehicle cost 299,900 Yuan for both rear wheel drive standard range and long range options respectively.
China’s demand is strong, yet investors are becoming concerned over margin compression. Automakers that control their own batteries and minerals could have an edge, yet even they will face challenges as lithium prices continue to increase. Investors will closely be watching BYD and Tesla navigate these headwinds come 2024.
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