On January 23, Tesla released an updated version of Model Y, one of its best-selling cars in Canada, Europe, and the United States, weeks after it was released in China. Elon Musk’s EV maker has introduced a new price of $60,000 in the US for a revamped version, 25% higher than its predecessor which cost around $50,000. Starting at $59,990 for the “Launch Series,” this update shows Tesla’s continued drive to stay ahead in the electric vehicle market.
Timing is crucial for Tesla, as vehicle deliveries have dropped in early 2024 compared to last year. The company has told investors it’s balancing “two major growth waves,” driven by the Model Y’s popularity. Plans for new, more affordable models are also in the works, though pricing details are still unclear.
Tesla Model Y Global Launch
With the launch, Tesla now offers four versions of the Model Y in the U.S., with the new model priced higher than even the performance variant. The new variant includes the supervised full self-driving software, which was previously an $8,000 optional add-on in other Model Y cars. The deliveries of new cars will begin in March 2025.
As market conditions change, analysts believe even small updates could reignite interest in the Model Y. With a loyal customer base, Tesla’s facelift might attract existing owners who were starting to feel bored with the previous model’s familiarity.
Tesla Model Y Features: What’s New?
The refreshed Model Y comes with several exciting upgrades that boost both its looks and functionality. On the exterior, the front end has been redesigned with a sleek, modern light strip, aligning with Tesla’s upcoming Cybercab and giving the vehicle a futuristic appeal.
Inside, the Model Y gets notable enhancements, including ambient lighting for a more luxurious feel, a larger second-row touchscreen for easier control by rear passengers, and power-folding rear seats to make cargo management more convenient for owners.
What’s Tesla’s Next Big Move?
With Tesla seeing lower global delivery numbers and tough competition, the big question is whether these upgrades will be enough to keep interest and sales strong. The updated Model Y is set to debut in China in March, kicking off its rollout. However, Tesla has yet to confirm when it will launch in Europe and the U.S., which could impact its edge in these important markets.
Tesla Stock Update
Tesla stock had a wild week, with prices swinging a lot. Last week, Tesla shares ranged from $406.31 to $439.74, closing at $415.11 on January 23rd, down 2.11% from the previous day. This marks a 3.36% drop from the week’s starting price of $428.22.
