Tesla to Launch Revamped Model Y Amidst Growing Competition in China\n\nTesla incorporated is preparing to release an updated version of its popular Model Y from its Shanghai plant, as domestic rivals ramp up their own product launches in the competitive Chinese market. The US electric carmaker is currently gearing up for mass production of the revamped Model Y, with a potential launch date as early as mid-2024, according to sources familiar with the matter.\n\nThe 2024 version of the Model Y is expected to feature significant changes to both its exterior and interior, in contrast to the minor updates made in October. The first batch of the new Model Ys will be produced at Tesla’s Shanghai facility, which will undergo a partial upgrade during the New Year holiday. Further adjustments will be made before full-scale production begins.\n\nTesla’s Shanghai factory, established in 2019, now accounts for over half of the company’s global deliveries. The Model Y, first introduced in 2020, has become a top-selling electric vehicle worldwide and has seen strong demand in China, where it makes up nearly 75% of Tesla’s sales. Domestic competitors like BYD Co. and Xpeng incorporated are also vying for a larger share of the market with their own new vehicle offerings.\n\nRecent concerns about Tesla CEO Elon Musk’s potential need to sell shares due to declining ad revenue on his social media platform, Wood remains confident in the company’s future. She believes that Tesla’s strong position in the EV market, highlighted by the recent decisions of GM and Ford to delay their own EV investments, will continue to drive growth and success for the company.
“Tesla to Launch Revamped Model Y Amidst Growing Competition in China\n\nTesla incorporated is preparing to release an updated version of its popular Model Y from its Shanghai plant, as domestic rivals ramp up their own product launches in the competitive Chinese market. The US electric carmaker is currently gearing up for mass production of the revamped Model Y, with a potential launch date as early as mid-2024, according to sources familiar with the matter.\n\nThe 2024 version of the Model Y is expected to feature significant changes to both its exterior and interior, in contrast to the minor updates made in October. The first batch of the new Model Ys will be produced at Tesla’s Shanghai facility, which will undergo a partial upgrade during the New Year holiday. Further adjustments will be made before full-scale production begins.\n\nTesla’s Shanghai factory, established in 2019, now accounts for over half of the company’s global deliveries. The Model Y, first introduced in 2020, has become a top-selling electric vehicle worldwide and has seen strong demand in China, where it makes up nearly 75% of Tesla’s sales. Domestic competitors like BYD Co. and Xpeng incorporated are also vying for a larger share of the market with their own new vehicle offerings.\n\nRecent concerns about Tesla CEO Elon Musk’s potential need to sell shares due to declining ad revenue on his social media platform, Wood remains confident in the company’s future. She believes that Tesla’s strong position in the EV market, highlighted by the recent decisions of GM and Ford to delay their own EV investments, will continue to drive growth and success for the company.”$TSLA2023-12-27T17:49:03.770Z
