Tesla officially announced on July 2 that the long-wheelbase, three-row, six-seat version of its best-selling SUV, the Model Y L, is now available for order in the United States and Puerto Rico. The vehicle is initially being offered as a Launch Series model with a starting price of US$61,990, approximately US$16,000 higher than the standard all-wheel-drive Model Y.

The Model Y L is a derivative model introduced by Tesla to meet the demand from family-oriented customers seeking a more spacious vehicle. The U.S. pricing of the Model Y L has sparked widespread market discussion. Based on the premium commanded by the model in the Chinese market, analysts had previously expected a U.S. starting price of around US$54,000. However, Tesla ultimately launched the vehicle at US$61,990 for the Launch Series. This price is not only US$4,000 higher than the top-spec Model Y Performance, but also places it ahead of many competing models. Market observers believe Tesla is following its Launch Series strategy by entering the market first with a high-spec, premium-priced version before introducing more cost-effective configurations at a later stage.

The introduction of the Model Y L fills an important gap in Tesla's product lineup. During the second quarter of this year, Tesla discontinued the older Model S and Model X models. Although the standard Model Y previously offered an optional seven-seat configuration, its third-row seating was widely regarded as cramped. The arrival of the Model Y L provides consumers seeking a genuinely usable third row with a new option.

The launch of the Model Y L came shortly after Tesla released its second-quarter delivery figures. According to the data, Tesla delivered 480,126 vehicles globally in the second quarter, representing a 25% year-on-year increase and a 34% quarter-on-quarter increase, significantly exceeding analysts' expectations of approximately 406,000 vehicles. Combined deliveries of the Model 3 and Model Y reached 467,762 units, accounting for around 97% of total deliveries. Meanwhile, the Shanghai Gigafactory delivered more than 89,000 vehicles in June, marking its highest monthly delivery volume this year.

The launch of the three-row Model Y L is widely viewed as Tesla's effort to boost demand in the U.S. market following the removal of the federal electric vehicle tax credit. Previously, U.S. consumers purchasing Tesla vehicles were eligible for a federal tax credit of up to US$7,500, and the removal of this incentive has weighed on demand. Rather than developing an entirely new model, Tesla has continued to stimulate demand by introducing different configurations of the Model Y and Model 3. Analysts believe the Model Y L could help the company gradually recover from the slowdown in sales following the elimination of the tax credit last year.

Market Insight:

Despite better-than-expected delivery figures and the launch of the new model, Tesla shares remained under pressure after the announcement, with the stock falling 7.5% on Thursday. Market analysts believe the pullback may have been driven by profit-taking following the positive news. However, retail investor sentiment toward Tesla stock remains bullish. Investors are looking forward to further updates from the company on its developments in AI, humanoid robotics, and the energy business.