Elon Musk announced through his social media on the 8th that Tesla will not be releasing a new Model Y this year.
Musk stated, “There will be no Model Y refresh this year,” and added, “Tesla is continuously improving its cars, so even a car that’s six months older will be a bit better.”
While competitors in China, the world’s largest auto market, are launching cheaper models, Tesla has slowed down the renewal of its older models due to high interest rates reducing consumer desire for high-priced products.
As a result, Tesla’s global vehicle deliveries decreased for the first time in nearly four years in the first quarter.
On the other hand, last year, Reuters reported that Tesla is preparing to revamp the production of the Model Y and aims to start production in 2024.
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