Tesla’s Gigafactory in Shanghai is reportedly gearing up to produce the 2024 refresh of the Model Y, with mass production expected to commence by mid-2024. The new units are set to be manufactured in the upcoming phase of Gigafactory Shanghai, with production temporarily halted for upgrades during the New Year period. Notably, the 2024 Model Y is anticipated to feature substantial changes compared to the October 2023 update, encompassing noticeable alterations to both the exterior and interior. Tesla aims to introduce a fresh wheel design complemented by ambient lighting.
This move aligns with Tesla’s strategy to stay competitive in China’s rapidly evolving electric vehicle market, where rivals such as BYD and Xpeng plan to unveil multiple new models across different segments in 2024. November 2023 witnessed a 40% surge in new energy vehicle sales in China, encompassing pure electric cars and hybrids, according to China’s Passenger Car Association. Despite the intensifying competition, Tesla’s demand in both China and the United States appears robust, with minor price adjustments made leading up to Christmas, suggesting sustained demand.
The Model Y has consistently performed well in the market since its launch, frequently surpassing its predecessor, the Model 3. It recently claimed the top spot on the list of the most popular electric vehicle models in the United Kingdom, displacing the Model 3. Tesla’s proactive approach to updates and enhancements underscores its commitment to maintaining a leading position in the global electric vehicle landscape.
