Tesla Model Y facelift not coming until 2025, confirms Musk
What's the story
Tesla's CEO, Elon Musk, has confirmed that the refreshed version of the company's popular Model Y will not be launched in 2024.
The announcement was made via a post on his X account where he stated, "No Model Y 'refresh' is coming out this year."
Musk also emphasized that Tesla continuously improves its vehicles.
"I should note that Tesla continuously improves its cars, so even a car that is six months newer will be a little better," Musk said.
Popularity
Model Y is Tesla's bestseller
The Model Y, which began production in January 2020, is Tesla's fifth production model following the Roadster, Model S, Model X, and Model 3.
A facelift for this crossover model has been highly anticipated with expectations of a 2024 unveiling.
Despite the affordability of the Model 3, the Model Y has become Tesla's bestseller since its launch due to a global surge in demand for SUVs.
Manufacturing
Global production and sales
The Model Y is manufactured at Tesla's Giga Shanghai plant in China and is sold domestically and exported to other global markets.
In addition to the Chinese facility, Tesla also produces the Model Y at its Fremont and Austin plants in the US, and at the Giga Berlin factory in Germany.
This widespread production has contributed significantly to the model's popularity since its launch.
Competition
Challenges amid rising competition
Tesla has been slow to update its older models due to high interest rates dampening consumer enthusiasm for expensive products.
This comes at a time when competitors in China, the world's largest automobile market, are rapidly increasing their efforts to produce affordable electric cars.
Consequently, Tesla has experienced pressure as its global vehicle deliveries saw a decline in the first quarter for the first time in nearly four years.