Tesla is preparing to revamp its Model Y vehicle, which has been one of the company's top-selling models since its introduction in 2020. The changes involve the exterior and interior of the crossover electric vehicle, with a target of starting production in 2024. Tesla has not commented on its product strategy or any planned model changes, but CEO Elon Musk is expected to discuss the company's "Master Plan" at an investor day event on Wednesday.
Tesla has already been re-tooling its Shanghai assembly plant to prepare for a revamped version of its Model 3 sedan, a project codenamed Highland, and has asked suppliers for quotes for a revamped version of the Project Juniper version of the Model Y. Tesla has also been making changes to its electric vehicles through software updates and hardware changes to add features, improve performance or reduce production costs. Tesla's plant near Berlin has hit a new production record equivalent to annual output of over 200,000 Model Ys earlier this week.
At the investor day event on Wednesday, Tesla is set to share details about its next-generation vehicle platforms, as well as long-term expansion plans, capital allocation and other subjects. Tesla's plans for the revamp of its Model Y will be watched closely, as the company faces increasing competitive pressure in the face of increasing options for EV buyers.