Tesla Inc. TSLA is reportedly prepping a production revamp of its Model Y.
What Happened: The project, codenamed “Juniper,” includes the exterior as well as interior of Model Y, reported Reuters. The production is targeted to start in October 2024, the report added, citing a person familiar with the matter.
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Tesla will hold its ‘investor day’ later on Wednesday. “Master Plan 3, the path to a fully sustainable energy future for Earth will be presented on March 1. The future is bright!,” CEO Elon Musk tweeted earlier this month.
“Our investors will be able to see our most advanced production line as well as discuss long term expansion plans, generation 3 platform, capital allocation and other subjects with our leadership team,” said Tesla in a statement. The event is scheduled to be live streamed from Tesla’s Gigafactory in Texas.
Why It’s important: Model Y was Tesla’s best seller in California, China and Europe last year, according to the Reuters report.
Back in 2021, Musk went to the lengths of predicting Model Y would be the world’s best-selling vehicle across the globe in 2023. The new revamp is deemed an attempt to counter competition from rival EV makers, particularly in markets like China.
Earlier this week, Tesla Europe tweeted that their German manufacturing unit in Brandenburg built 4,000 units of Model Y in a week, doubling production capacity is less than six months in a bid to meet rising demand.
Read Next: Tesla Model Y Has Toyota Execs Gushing: ‘A True Work of Art’ — Here’s How Elon Musk Reacted
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