Tesla's Model Y Makes News, Here's Why

Tesla Inc.'s TSLA Model Y vehicle, an all-electric crossover utility vehicle, was announced in March 2019, with first deliveries from the Fremont, California, factory beginning a year later.

Model Y is in the spotlight Monday due to two developments.

Giga Shanghai Production Rate Hits Milestone: Tesla's Giga Shanghai has reached a production capacity of 1,000 Model Y vehicles per day last week, according to reports.

This would mean the Model Y production rate at the Giga Shanghai is now higher than that of the Model 3, which is produced at a rate of 800 vehicles per day.

Tesla began selling the made-in-China Model Y vehicles in China in January.

Giga Shanghai has become Tesla's export hub, as was evident from the July China sales data reported by the China Passenger Car Association. The EV giant exported about 74% of the cars it manufactured in China.

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Model Y Deliveries Begin In Europe: Tesla has also begun deliveries of Model Y vehicles in Europe. The development was confirmed by Can Dogan, senior Tesla advisor, on his LinkedIn page.

Tesla was holding off Model Y deliveries to Europe until production of the model would begin in Giga Shanghai or Giga Berlin. With the opening of the Berlin Giga getting inordinately delayed, the company has chosen to make the Model Y exported from China available to European customers.

At last check. Monday afternoon, Tesla shares were up 3.77% to $705.88.

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Photo: Courtesy of Tesla Inc.