Tesla's updated Model Y SUV to launch in 2024
Tesla is gearing up to launch an updated version of its popular Model Y SUV in 2024, as it faces growing competition from Chinese rivals. The electric car giant is currently preparing its China plant for the refreshed model. Mass production will start in mid-2024, Bloomberg reports. The new model could feature several significant updates both inside and out. Those will be more substantial than the recent updates in October, which included a new wheel design and ambient lighting.
Popularity of the Model Y
Since its debut in 2020 from Tesla's China Gigafactory, the Model Y has been among the top-selling electric cars worldwide. In China, Model Y deliveries made up nearly 75% of Tesla's total sales. With the updated version, Tesla aims to boost Model Y sales even further. The Shanghai Gigafactory, founded in 2019, now accounts for over half of the electric carmaker's global deliveries.
Tesla faces heightened competition from domestic rivals in China
In the Chinese market, Tesla has been challenged by domestic competitors, with several companies launching electric vehicles. Established automakers like BYD and newcomers such as Xpeng are unveiling a variety of new vehicles to expand their market share. Shenzhen-based BYD is on track to overtake Tesla as the global leader in fully electric car sales, possibly this quarter. Earlier this year, Tesla updated its six-year-old Model 3 sedan, with a sleeker look and extended range.
