Tesla (TSLA) preparing Shanghai gigafactory for revamped Model Y

Tesla Inc. (NASDAQ: TSLA) is gearing up to introduce an updated version of its highly successful Model Y from its Shanghai plant according to unnamed sources familiar with the matter. This move comes in response to heightened competition from domestic rivals, prompting an accelerated pace in product launches within the industry.

The American electric car manufacturer is presently undertaking preparatory measures in China for its upgraded Model Y sport utility vehicle, with the potential start of mass production as early as mid-2024.

According to unnamed sources, the upcoming 2024 rendition of the Model Y is anticipated to showcase significantly more noticeable alterations in both its exterior and interior compared to the recent October update, which introduced a fresh wheel design and ambient lighting. However, specifics regarding these changes were not disclosed.

The initial set of the latest Model Y vehicles is scheduled to be made at Tesla's Shanghai facility's second phase, prompting a temporary production halt of approximately one week during the New Year holiday. This suspension aims to facilitate a partial upgrade within the facility for production of the new Model Y.

Shares of TSLA are up 0.65% in pre-market trading on Wednesday.

By Michael Elkins | [email protected]

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