Tesla Launches Model Y L in the U.S.
Tesla (NASDAQ: TSLA) has introduced the Model Y L, a larger version of its popular Model Y, in the United States. This move comes after the company ceased production of its Model S and Model X vehicles in May. Priced at $61,990, the Model Y L features three rows of seats, additional cargo space, and an EPA-estimated range of 325 miles.
In Q2, Tesla delivered a record 480,126 vehicles, generating $28.2 billion in revenue despite facing pressures from declining average vehicle prices and increased competition from both Chinese manufacturers and established automakers. The new Model Y L aims to capture more family-oriented buyers and possibly support higher average selling prices, as it enters a competitive market with options like the Kia EV9 starting at $54,900 and the Hyundai Ioniq 9 at $58,955.
While Tesla’s automotive division continues to be its primary revenue source, the introduction of the Model Y L may help stabilize its business amidst high capital expenditures, which reached $5.8 billion last quarter. The Model Y L could serve as a crucial volume driver as the company shifts focus to AI and robotics for future growth.
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