Tesla (NASDAQ: TSLA) won’t be debuting a refreshed Model Y this year, Elon Musk revealed on social media X this Saturday.
“No Model Y ‘refresh’ is coming out this year,” Musk declared, noting that Tesla’s cars are constantly evolving, “so even a car that is 6 months newer will be a little better.”
While Tesla takes its time updating older models, high interest rates have dampened consumer enthusiasm for splurging on big-ticket items. Meanwhile, competitors in China, the world’s largest auto market, are rolling out more affordable alternatives.
For the first time in nearly four years, Tesla’s global vehicle deliveries took a dip in the first quarter.
In 2023, Reuters reported that Tesla was gearing up for a Model Y production overhaul, aiming to kick off in 2024.
Musk Confirms No Model Y Refresh for 2024 as Tesla Faces Market Challenges
