Tesla to launch updated Model Y SUV in 2024, to be built at Shanghai Gigafactory

Tesla is preparing to roll out an updated iteration of its popular SUV Model Y from its Shanghai Gigafactory in 2024, Bloomberg has reported. This comes as the competition from the rivals in the Chinese market is rising rapidly. The report has stated that the US electric car manufacturer is currently conducting preparation work in its China plant for the refreshed Model Y SUV, which may see the start of mass production in mid-2024. However, Tesla has not revealed anything officially.

The upcoming revamped Tesla Model Y will reportedly come with a wide range of exterior and interior updates. The report claims the changes for the electric SUV will be more significant than the most recent updates introduced in October 2023, which added a new wheel design and ambient lighting. Also, the pending update for the Tesla Model Y comes after the EV manufacturer revamped its six-year-old Model 3 sedan with a sleeker look and longer range earlier in 2023.

Tesla has been witnessing heightened competition from its rivals. In the Chinese market, several domestic players have already launched their products in the electric vehicle market. Tesla’s domestic rivals, including well-established automakers like BYD and newer entrants such as Xpeng, are unveiling a slew of new vehicles to increase their share across various market segments.

While the Tesla Model 3 is the most affordable electric car from the automaker, Model Y has been proven extremely popular, ranking among the bestselling electric cars worldwide. The Model Y was first rolled out in 2020 from the automaker's Gigafactory in China, which started its operations in 2019. In China, deliveries of the Model Y accounted for almost 75 per cent of Tesla's overall sales in the country. Clearly, with the updated version, Tesla is aiming to ramp up sales of the Model Y in the coming days.