The model Zhiyin will be built by Voyah in collaboration with Huawei and is currently in the production validation phase, according to local media.
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“No Model Y 'refresh' is coming out this year,” Musk said.
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The last time a Tesla model's delivery wait time in China was reduced to as low as 1 week was on December 26, 2022.
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Tesla had launched a 0 down payment option in November 2021, but canceled it after just 3 days due to a surge in orders.
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Tesla has raised the prices of its entire Model Y lineup in China, a rare case in the price war in the country's EV industry.
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With the purchase discounts offered by Tesla expiring at the end of the month, the upcoming price hike means that the actual cost of purchasing a Model Y will go up by as much as RMB 23,000, according to local media.
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Chinese customers who take delivery of already-produced vehicles of the Model 3 and Model Y by the end of March can get benefits including an insurance subsidy of RMB 8,000.
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The entire Model Y lineup has been upgraded to the HW 4.0 self-driving computer, while the price remains the same.
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In addition to offering cash discounts on select Model Y stock vehicles, Tesla is also allowing customers to get paid paint for RMB 2,000 that would otherwise sell for RMB 8,000 or RMB 12,000.
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For the full year 2023, Model Y retail sales in China were up 44.74 percent year-on-year to 456,394 units, while Model 3 sales were up 18.33 percent year-on-year to 147,270 units.
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