Tesla Inc TSLA shares are trading higher Monday following a report suggesting the company is working on a revamped Model 3 vehicle, which could reduce costs.
What To Know: Tesla is in the process of rolling out an improved version of its Model 3, codenamed "Highland," per Reuters.
The report, citing four people with knowledge of the matter, indicates that Tesla aims to reduce complexity in the interior of the vehicle and focus on improving features that Tesla customers value, such as the display. The revamp could also include some changes to the Model 3’s exterior and powertrain performance.
Tesla is expected to produce the redesigned Model 3 in Giga Shanghai, as well as the company’s Fremont, California plant. Production in Giga Shanghai is expected to commence in the third quarter of 2023.
What Else: Tesla will host a special "delivery event" for the Tesla Semi at its factory in Nevada this week.
The first Tesla Semi designed for a commercial customer is slated to be delivered on Thursday. Tesla has said it aims to ramp up Semi production to 50,000 electric trucks per year by 2024.
TSLA Price Action: Tesla has a 52-week high of $402.66 and a 52-week low of $166.18.
The stock was up 1.94% at $186.41 at time of publication, according to Benzinga Pro.
Photo: courtesy of Tesla.
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