Tesla to Revamp Model Y EV in China as Rival BYD Motors Closes In
Mass production of a refreshed Model Y is expected to begin as soon as mid-2024
Tesla is reportedly preparing to launch an updated version of its best-selling Model Y SUV at its facility in China, as its competitor BYD appears poised to overtake it as the world's most popular electric vehicle maker.
The Austin, Texas-based automaker is working to ready its Gigafactory Shanghai to assemble the revamped Tesla SUV, people familiar with the matter told Bloomberg News. Mass production could start as soon as mid-2024, they added.
The updated Tesla EVs will be produced at Gigactory Shanghai's second phase, which is already dedicated to Model Y production. Production lines are expected to be suspended during the New Year holiday for about a week for a partial upgrade, Bloomberg reported, and additional adjustments will be made before mass production begins.
The 2024 Model Y will have more obvious changes to its exterior and interior than what was in its October update, people familiar with the matter told Bloomberg, although they declined to provide further details. Tesla added a new wheel design, ambient lighting and made the SUV slightly faster.
In September, the carmaker unveiled an updated version of its Model 3 compact car, which will now come with a longer driving range and steeper price tag. Produced in China, it was the first time Tesla introduced a new vehicle there rather than in the U.S.
The updated EVs come as Tesla faces challenges from Chinese automakers such as BYD and Xpeng, which are unveiling their own new vehicles. In July, China's top automakers and Tesla signed a joint agreement to avoid "abnormal pricing" after the U.S. company slashed prices and set off a fierce price war.
Shenzhen-based BYD is poised to surpass Tesla as the worldwide leader in EV sales as soon as its current fiscal quarter ends, according to Bloomberg. Tesla outsold BYD by only 3,456 more EVs in the last quarter, a sharp turnaround from the prior year, when Tesla sold more than 85,000 more vehicles than BYD.
- Musk’s Tesla Is Eating the Dust of China’s BYD
- Tesla Releases Model 3 Details and Model Y Updates
- Tesla Rolls Out Cheaper Model S and X EVs in the US
- Tesla Unveils Updated, Pricier Model 3 EV In China
- Inside Ford’s Failed Attempt to Sell the Mustang EV in China
- Tesla Recalls 1.6 Million EVs in China Over Autopilot Crash Risks
"[BYD's] cars are highly competitive these days," Tesla CEO Elon Musk wrote earlier this year on X, formerly Twitter, which he owns.
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