Tesla is preparing for a major overhaul of its popular Model Y electric SUV. Mass production of the updated version is scheduled to begin in January 2024 at its Shanghai factory. Codenamed “Juniper,” the update comes after nearly five years of production of the current model. While specific details about the changes remain under wraps, this strategic move aims to revitalize one of Tesla's key revenue drivers, especially as the company faces growing challenges in the European market.
The pressure on the European market is increasing
The planned update comes at a crucial time as Tesla struggles with a sharp decline in registrations in the European Union, posting a notable 40% year-over-year decline in November. This decline, significantly larger than the modest 1.9% drop in the broader EU car market, coincides with new EU tariffs on Chinese-made electric vehicles. The situation is further complicated by a general slowdown in the electric vehicle market in the EU, where registrations of pure electric cars fell by 5.4% to 1.30 million units this year.
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Tesla Stock: New Analysis – December 20th
New Tesla information released. What impact does this have for investors? Our latest independent report examines current figures and market trends.
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