money Tesla working on Model Y refresh, codenamed 'Project Juniper': Report
Even with Tesla’s big Investor Day this afternoon, news about future products that may — or may not — be revealed at the event has a way of trickling out.
Reuters reports that Tesla is working on refresh of its top-selling Model Y crossover SUV, this according to sources. Code-named “Project Juniper,” the updated Model Y will potentially feature new exterior and interior elements. The revamped Model Y is targeting a production start date of 2024.
Tesla (TSLA) working on a refreshed Model Y is not surprising given the fact the EV has been in production since January 2020, meaning it is over three years old. Traditional automakers refresh their vehicles every 3 to 4 years, with brand new models emerging around every 7 years.
As previously reported, Tesla is also refreshing its Model 3 sedan which has been around since mid-2017, nearly 6 years in production. Code-named “Project Highland,” the updated Model 3 will reportedly include updated exterior components and powertrain features, with the goal being to cut costs and simplify production. Test “mules” of the Model 3 “Highland” have been seen in the wild by users on social media.
Project Highland 👀 #Tesla #ProjectHighland pic.twitter.com/PuOJjFe1LL
— The Kilowatts 🚗⚡️ (@klwtts) February 22, 2023
News of Tesla refreshing both its Model Y and Model 3 is somewhat unusual for the brand, as it has usually kept its products like the Model S and Model X SUV unchanged for many years, with the Model S mild updates periodically, only a major refresh 9 years after its debut. The Model X saw a mild refresh 6 years after its debut in 2015.
It’s possible Tesla is feeling the effects of new, and cheaper, competition both here and abroad, in particular in China, where the company feels the need to refresh its model lineup in order to better compete. New EV models from GM, Kia, and other traditional automakers in the U.S. market will further pressure Tesla’s sales dominance if the automaker doesn’t react to new competition.
Against the backdrop of these reports of refreshed models is Tesla’s Investor Day event, scheduled for 4 p.m. ET on March 1. The automaker is expected to unveil its generation 3 platform, which will likely be a cheaper, smaller model. Anticipation will be high for how far Tesla will go in revealing features and design of this model, and its importance to the Tesla growth story is key as it will round out the company’s product portfolio, along with the upcoming Cybertruck.
—
Pras Subramanian is a reporter for Yahoo Finance. You can follow him on Twitter and on Instagram.
Read the latest financial and business news from Yahoo Finance
Download the Yahoo Finance app for Apple or Android
Follow Yahoo Finance on Twitter, Facebook, Instagram, Flipboard, LinkedIn, and YouTube
