Tesla reveals Model 3 Plus and Model YL in China as price war heats up
Tesla applied for a new sales license with China's Ministry of Information Technology for a longer range Model 3 Plus sedan. Likewise, it applied for a license for the Model YL, a longer version of the electric SUV with three rows of seats. The licenses were first reported in CarNewsChina.
The new licenses come just months after the refreshed 'Juniper' Model Y failed to improve Tesla's flagging sales in China, which is the largest EV market in the world. Despite the Model Y ramping up production in the second quarter, Tesla reported a 14 percent drop in vehicle deliveries globally.
The Model YL, which will be available in China this fall, has six seats and is 7 inches longer and over an inch taller than the current Model Y. In addition to the longer wheelbase, the Model YL has new wheels, new seats, a modified rear, and a new spoiler. Tesla sells the Model Y with an optional third row in the US, but with very limited legroom.
The new EV is all-wheel drive with dual motors, one located on the front axle producing 142 kW and a second in the rear with 198 kW, providing a combined peak power of 340 kW (456 hp). Top speed is 201 km/h (125 mph).
According to Electrek, the more expansive Model YL could be seen as a response to a slew of new three-row EVs that were recently introduced in China, including NIO's Onvo L90, which starts at the equivalent of USD $39,000. The Model YL is expected to start at over USD $50,000, which may make it a tougher sell for Tesla. Indeed, a long-gestating price war between Tesla, BYD, Xiaomi, and others is driving Western automakers out of China's lucrative market.
Meanwhile, the new Model 3 Plus features a single motor on the rear axel and an LG-supplied NMC (nickel cobalt manganese) battery, which are typically more expensive chemistry that's only available on the automaker's all-wheel drive Long-range or performance versions. According to CarNewsChina, Tesla currently offers three versions of the Model 3 sedan in China: RWD, Long Range AWD, and Performance AWD.
With its higher capacity NMC battery, the Model 3 Plus is expected to have a longer range than the other versions of the electric sedan — although Tesla didn't disclose any numbers in its filings.
Tesla's new variants are clearly a shot across the bow of China's domestic automakers, which have been eating Elon Musk's lunch for quite a while now. The EV price war is getting so intense that China's government is starting to worry that all the 'irrational competition' will inevitably harm the country's economy, according to Bloomberg.
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Spotify hit a record high of $738.45 earlier this month, but shares slid to around $635 immediately following the results. Spotify reported second quarter revenue of €4.19 billion ($4.86 billion), missing analyst expectations of €4.27 billion, though up from €3.81 billion in the same period last year. The company posted an adjusted loss of €0.42 ($0.49) per share, sharply missing forecasts for a profit of €1.97 and down from earnings of €1.33 in Q2 2024. "Outsized currency movements during the quarter impacted reported revenue by €104 million vs. guidance," the company said in the earnings release. Operating income also fell short of expectations in the quarter, though subscriber metrics for both premium and ad-supported tiers came in ahead of estimates. Gross margins of 31.5% came in as expected. Spotify's massive rally heading into the earnings report was fueled by a sweeping business overhaul, including layoffs, leadership changes, and a pullback from costly podcast exclusivity. After spending $1 billion to build out its podcast business, the company has since scaled back and narrowed its focus. Still, it remains committed to the medium, paying over $100 million to creators in Q1 alone, including high-profile names like Joe Rogan and Alex Cooper. Read more here. Spotify (SPOT) shares fell as much as 10% in early premarket trading Tuesday after the company missed second quarter earnings and revenue expectations. The results follow a remarkable 120% rally over the past year, as the stock rebounded from 2022 lows on the back of price hikes, cost cuts, and investor enthusiasm for AI and advertising. Spotify hit a record high of $738.45 earlier this month, but shares slid to around $635 immediately following the results. Spotify reported second quarter revenue of €4.19 billion ($4.86 billion), missing analyst expectations of €4.27 billion, though up from €3.81 billion in the same period last year. The company posted an adjusted loss of €0.42 ($0.49) per share, sharply missing forecasts for a profit of €1.97 and down from earnings of €1.33 in Q2 2024. "Outsized currency movements during the quarter impacted reported revenue by €104 million vs. guidance," the company said in the earnings release. Operating income also fell short of expectations in the quarter, though subscriber metrics for both premium and ad-supported tiers came in ahead of estimates. Gross margins of 31.5% came in as expected. Spotify's massive rally heading into the earnings report was fueled by a sweeping business overhaul, including layoffs, leadership changes, and a pullback from costly podcast exclusivity. After spending $1 billion to build out its podcast business, the company has since scaled back and narrowed its focus. Still, it remains committed to the medium, paying over $100 million to creators in Q1 alone, including high-profile names like Joe Rogan and Alex Cooper. Read more here. UnitedHealth stock slips after mixed Q2 results Shares of UnitedHealth Group (UNH) fell nearly 3% after its quarterly results before the bell painted a mixed picture. Yahoo Finance's Anjalee Khemlani reports: Read more here. Shares of UnitedHealth Group (UNH) fell nearly 3% after its quarterly results before the bell painted a mixed picture. Yahoo Finance's Anjalee Khemlani reports: Read more here. Sarepta stock rockets higher after FDA greenlight Shares in drugmaker Sarepta (SRPT) rocketed up over 30% in premarket after the embattled company got the FDA's go-ahead to resume shipments of its Elevdis gene therapy. The greenlight comes after Sarepta put a voluntary pause on shipments for some patients while the US regulator reviewed its safety following deaths. The FDA on Monday recommended that the compa lift that halt. Sarepta's stock is poised to build on a 16% gain on Monday, continuing a recent volatile spell triggered by changing fortunes for its best-selling product. AP reports: Read more here. Shares in drugmaker Sarepta (SRPT) rocketed up over 30% in premarket after the embattled company got the FDA's go-ahead to resume shipments of its Elevdis gene therapy. The greenlight comes after Sarepta put a voluntary pause on shipments for some patients while the US regulator reviewed its safety following deaths. The FDA on Monday recommended that the compa lift that halt. Sarepta's stock is poised to build on a 16% gain on Monday, continuing a recent volatile spell triggered by changing fortunes for its best-selling product. AP reports: Read more here. Nvidia orders 300,000 H20 chips from TSMC to satiate Chinese demand Reuters reports: Nvidia placed orders for 300,000 H20 chipsets with contract manufacturer TSMC last week, two sources said, with one of them adding that strong Chinese demand had led the U.S. firm to change its mind about just relying on its existing stockpile. Read more here. Reuters reports: Nvidia placed orders for 300,000 H20 chipsets with contract manufacturer TSMC last week, two sources said, with one of them adding that strong Chinese demand had led the U.S. firm to change its mind about just relying on its existing stockpile. Read more here. Oil maintains gains with tariffs and OPEC+ supply in sight Oil maintained gains following Trump putting pressure on Russia over the war in Ukraine with economic sanctions against Putin's government on the table. Bloomberg reports: Read more here. Oil maintained gains following Trump putting pressure on Russia over the war in Ukraine with economic sanctions against Putin's government on the table. Bloomberg reports: Read more here. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
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Tesla's Affordable EV Is So Much Less Than "Just A Model Y"
Tesla's Affordable EV Is So Much Less Than "Just A Model Y" originally appeared on Autoblog. Chinese Leak Reveals Significant Changes Back in February, Tesla began promising new Model Y variants, and since then, the Model Y L has been revealed as a bigger six-seater for China. There have also been rumors of a more luxurious long-wheelbase variant with captain's chairs after a white-hat hacker found evidence of such a thing in Model Y firmware. As for the long-awaited cheaper Model Y, that was delayed in April, and thanks to a video from China, it seems that the automaker has been working quietly in the background. Don't worry if you don't speak Mandarin - Not A Tesla App reports what to expect. Several Changes Inside And Out At the front of the car, the front fascia and headlight assembly have been revised, with the lightbar apparently disappearing and the headlight on either side thereof moving upward, much like the pre-Juniper Model Y. The remarkably strong glass roof that has appeared on every Tesla to date is gone, and at the back, the reflectors in the tailgate are just that - no fancy five-foot lightbar like the current Model Y. Still, a front-facing camera indicates it'll have access to the same semi-autonomous driving features as other Teslas, so it won't be completely decontented. Inside, the multimedia experience will be slightly diminished; there is no rear infotainment display, and the A-pillars have lost their speakers. Also missing are coat hooks and a rear parcel shelf, while the center console has been updated to move phone chargers below the central touchscreen, where there is now a gap between the dash and center console. Finally, the seat bolsters glimpsed beneath the seat covers appear to have been finished in a textile rather than synthetic leather, as is the case with Mexico's Model 3 (the same material is likely for the headliner). Although unconfirmed at this stage, we can expect features like heated and ventilated seats and a heated steering wheel to disappear, too. "Just A Model Y," But It Could Help Turn Tesla's Fortunes Around View the 3 images of this gallery on the original article Tesla recently released its Q2 earnings report for 2025, and the news was not good, with a sharp decline in profits and no promise of improvements from CEO Elon Musk, who said to expect a "few rough quarters." Still, although Musk says it's nothing special - "It's just a Model Y" - Tesla said volume production of "a more affordable model" would occur in the second half of the year, and that should help boost sales at least somewhat. This sighting confirms the car will be as cheap as possible, but whether it will cost much less than $40,000 remains to be seen. Without the $7,500 Federal Tax credit that expires at the end of September, the current cheapest Model Y (Long Range Rear-Wheel Drive) starts at $44,990, so Tesla may resort to further incentives in an effort to stave off ever-increasing rival competition amid weak growth in EV Affordable EV Is So Much Less Than "Just A Model Y" first appeared on Autoblog on Jul 29, 2025 This story was originally reported by Autoblog on Jul 29, 2025, where it first appeared.
