Tesla’s Tom Zhu Returns to China Amidst US Expansion with Extended-Range Model Y: Impact on TSLA Coin

• Tesla (TSLA) has dropped the Model Y Rear-Wheel Drive variant and replaced it with the Long Range RWD variant, the EV giant disclosed Friday night. On Sunday evening, top executive Tom Zhu downshifted from a global role to once again focus on China. That comes amid reports of sweeping new layoffs, following major cuts in the past few weeks.
• Tesla stock rose modestly Monday.
• Tom Zhu is returning to his position as senior vice president for China. In April 2023, Zhu was named SVP of Automotive, in charge of global automotive manufacturing and sales operations.

Amidst sweeping layoffs and executive reshuffling, Tesla replaces Model Y RWD with Long Range variant and sees a modest rise in stock.

Tesla Model Y Switch

Just two weeks ago, the EV giant cut the Model Y RWD by $2,000 to $42,990, matching its lowest list price ever. The Long Range RWD will start at $44,990. Tesla lists the Model Y LR RWD range at 320 miles vs. the RWD’s 260 miles. So that’s a considerable range boost for $2,000. The Model Y LR All-Wheel Drive starts at $47,990 and has only 310 miles range, though it does have faster acceleration.

Elon Musk’s Announcement

Elon Musk posted on his social site X that many recent RWD Model Ys sold recently have 40-60 miles of extra range that Tesla plans to unlock for $1,500-$2,000. The Long Range RWD, like the prior base model is eligible for $7,500 IRA tax credits, bringing the effective price down to $37,490.

Tesla’s Tom Zhu Back To China

Tom Zhu is returning to his position as senior vice president for China. In April 2023, Zhu was named SVP of Automotive, in charge of global automotive manufacturing and sales operations. That promotion made Zhu the de facto No. 2 under CE... Read the full article for FREE at COINOTAG!