24/7 Wall St. Insights
- Tesla Inc. (NASDAQ: TSLA) is set to release a six-seat Model Y in China.
- Local EV makers will soon have six-seat models as well.
- Also: Discover the Next Nvidia.
Aside from the Cybertruck, the last time Tesla Inc. (NASDAQ: TSLA) released a new model was Model Y in late 2019. That is a long time based on auto industry standards. It will release a new and very different Model Y in late 2025. It will have six seats, which has become popular in the car industry in which many buyers want cars that carry extra passengers.
According to Reuters, the new vehicle will be released in China. Tesla has asked suppliers to increase production of parts needed for the vehicle. Another reason Tesla has to speed the car to market is that Chinese competitors have launched similarly configured vehicles. Reuters also points out that the current Model Y is the top-selling electric vehicle (EV) in China, with first-half sales totaling 207,800.
Tesla has to “win” in China because it is both the world’s largest car market and the largest EV market. Adoption rates of EVs in the country have outpaced those in Europe and the United States. This puts much more pressure on Tesla’s success in China.
Tesla’s major China challenge will not go away because several local companies, led by BYD, have become very successful. These Chinese companies have to count on their home market because tariffs as high as 100% block sales in the United States, Canada, and Europe.
To grow, Tesla still needs new models. It also needs to add range to its additional models and build out a larger charging station infrastructure, particularly in the United States.
As it waits for other progress, a six-seat EV will need to suffice.
See the Market Share for EV Brands in the U.S.
Credit Card Companies Are Doing Something Nuts
Credit card companies are at war. The biggest issuers are handing out free rewards and benefits to win the best customers.
It’s possible to find cards paying unlimited 1.5%, 2%, and even more today. That’s free money for qualified borrowers, and the type of thing that would be crazy to pass up. Those rewards can add up to thousands of dollars every year in free money, and include other benefits as well.
We’ve assembled some of the best credit cards for users today. Don’t miss these offers because they won’t be this good forever.
Flywheel Publishing has partnered with CardRatings for our coverage of credit card products. Flywheel Publishing and CardRatings may receive a commission from card issuers.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.
Latest from 24/7
Our expert who first called NVIDIA in 2009 is predicting 2025 will see a historic AI breakthrough.
You can follow him investing $500,000 of his own money on our top AI stocks for free.