The Dodge Durango and Tesla Model Y, despite their differences in powertrain and weight, performed closely in a U-drag race, with the Durango slightly edging out the Model Y in a quarter-mile run.
Dow Jones futures and other major indexes remained mostly unchanged after hours, with a wave of Fed-friendly economic figures and various earnings reports affecting the stock market rally. Tesla is set to release an upgraded Model 3 in China, while Li Auto, Nio, and XPeng will report August deliveries.
Tesla has unveiled a restyled Model 3 with a longer driving range in China and other markets, putting pressure on rivals who are expected to release new electric vehicles soon.
Tesla has unveiled its updated Model 3 EV sedan in China, featuring a sportier exterior, improved battery range, and faster acceleration, although surprising many with a 12% price increase; the upgraded model is expected to boost sales and profit margins for the electric vehicle giant.
Tesla's rivals in China, including Li Auto, BYD, XPeng, and Nio, reported strong August deliveries, with Li Auto achieving a record sales month and Nio deliveries coming close to a record, while the overall China EV market is expected to see growth despite the country's weakening economy.
Tesla has decreased the prices of its base models of the Model S and Model X, offering larger batteries and removing software limitations on range, making it a potentially good time to purchase one.
Chinese automaker XPeng Motors is set to expand its presence in Europe by entering new markets in Germany, France, and Britain with its G9 SUV, P7 sedan, and G6 model in 2024, aiming to compete with Tesla Model Y and establish brand recognition.
Tesla has adjusted its plans for the next-generation electric vehicles, including the development of a fully autonomous Robotaxi and an affordable model, both to be produced on the next-generation platform; production of these vehicles will take place in Austin, Texas instead of Mexico due to the unwillingness of engineers to relocate.
The Tesla Model Y and Model 3 are the top-selling electric vehicles in Europe, with the Model Y expected to become the most popular new passenger car by the end of the year.
Tesla has released a less expensive Model Y variant in the U.S. following a larger-than-expected decline in third-quarter deliveries, which may help increase sales but put pressure on prices and margins.
Tesla has added a cheaper Model Y RWD to its US website, with a base price of $43,990, making it potentially the cheapest Model Y available in the US, after incentives, and it is speculated that the model uses Tesla's cheaper Lithium-Iron-Phosphate (LFP) battery.
Tesla has once again reduced the prices of its Model 3 and Model Y electric vehicles, indicating a possible shift or stabilization in the EV market and a response to increasing competition and production cost reductions.
