Tesla Abandons Plans to Launch Updated Model Y This Year, Says Elon Musk
In a recent message on social network X, Elon Musk announced that Tesla will not be launching an updated Model Y this year.
Musk, who has been Tesla's CEO since 2008, also added that the automaker continuously improves its cars, "so even a car that's six months newer will be a little better."
This news comes amidst Tesla's delay in updating its aging models, while high interest rates have eroded consumer appetite for big-ticket purchases. Meanwhile, competitors in China, the world's largest automotive market, are offering cheaper models.
Furthermore, for the first time in nearly four years, the automaker's global vehicle deliveries dropped in the first quarter of 2024.
In 2023, Reuters reported that Tesla was preparing to revamp Model Y production, with the goal of starting production in 2024.