Tesla is making preparations to roll out a significantly refreshed version of its best-selling Model Y crossover at Giga Shanghai, according to recent reports. Production of the revamped electric SUV could begin as early as mid-2024.
Citing insider sources familiar with the matter, Bloomberg reported that the 2024 Model Y will feature much more noticeable changes to the exterior styling and interior design compared to the relatively minor tweaks made to the current model in a recent October update.
While full details remain scarce, it seems Tesla is planning major revisions to help the Model Y maintain its appeal in the face of intensifying competition from rival EV startups in China. NIO, Xpeng, Li Auto and Huawei have been rapidly expanding model lineups and production capacity.
The launch preparations are already underway at Tesla’s industry-leading Shanghai plant. The factory will halt production for around one week over the upcoming New Year holiday 2024 for partial upgrades, according to sources. Further adjustments to the manufacturing lines will be needed before full-scale production of the redesigned Model Y gets rolling.
Earlier this year, Tesla gave its aging – but still phenomenally popular – Model 3 sedan a modest stylistic refresh and extended its driving range. Will the company take a similar approach with the Model Y, or will the changes be even more substantial?
China’s new energy vehicle market continues its blistering growth, with EV and hybrid sales surging 40% in November compared to a year ago. Tesla clearly aims to maintain its sales momentum in this critical market with the upgraded Model Y.
When will full details of the new Model Y emerge? How significant will the changes really be? EV fans and Tesla watchers eagerly await more clues. One thing seems certain: Tesla won’t be letting up its furious pace of product development anytime soon.