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Tesla will not launch refreshed Model Y this year, Musk says

Published 06/08/2024, 11:37 PM
Updated 06/08/2024, 11:40 PM
© Reuters. FILE PHOTO: Tesla Model Y on display at the Everything Electric exhibition at the ExCeL London international exhibition and convention centre in London, Britain, March 28, 2024.  REUTERS/Peter Cziborra/File Photo
TSLA
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(Reuters) - Tesla (NASDAQ:TSLA) will not launch a refreshed Model Y this year, chief executive Elon Musk said in a post on social media X on Saturday.

"No Model Y 'refresh' is coming out this year", Musk said, adding that Tesla continuously improves its cars, "so even a car that is 6 months newer will be a little better."

Tesla has been slow to refresh its ageing models as high interest rates have sapped consumer appetite for big-ticket items, while rivals in China, the world's largest auto market, are rolling out cheaper models.

© Reuters. FILE PHOTO: Tesla Model Y on display at the Everything Electric exhibition at the ExCeL London international exhibition and convention centre in London, Britain, March 28, 2024.  REUTERS/Peter Cziborra/File Photo

The carmaker's global vehicle deliveries fell in the first quarter for the first time in nearly four years.

Last year, Reuters reported that Tesla was readying a production revamp of Model Y with a target of starting production in 2024.

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