(Yicai) Jan. 10 -- Tesla launched an updated Model Y in China, with the price of the redesigned version of the carmaker's best-selling model jumping CNY23,600 (USD3,220) compared with the previous edition.

The revamped Model Y is priced from CNY263,500 (USD35,940) for the standard edition and CNY303,500 for the long-range version, Tesla announced on its Chinese website today.

Tesla's Model Y had not undergone a generational update since starting deliveries in March 2020. To tackle the competitive market in China, the refreshed edition has an upgraded appearance, cabin design, range, safety, and intelligence.

The new launch almost immediately began trading on Chinese social media, with Tesla's post on WeChat getting more than 100,000 views within five minutes, said Tao Lin, vice president of the carmaker's country arm.

According to its website, Tesla will start delivering the new Model Y in March, pending regulatory approval. In addition, the company offers a discount of CNY10,000 (USD1,365) on the final payment for the older version of the model and a time-limited offer for a five-year interest-free financing plan.

Last year, the Model Y was the most popular auto in China after retail sales exceeded 480,000 units.

Many Chinese carmakers are vying for market share, with six -- Onvo, Zeekr, Luxeed, IM Motors, Avatr, and Voyah -- releasing new models between September and October and positioning them as competitors to the Model Y.

Last month, Xiaomi registered its second car, the YU7, with the Ministry of Industry and Information Technology. The pure electric sport utility vehicle, expected to be released in June or July, appears to take on the Model Y, according to industry insiders.

Editor: Martin Kadiev