Elon Musk Says No Tesla Model Y Refresh In 2024
Tesla (TSLA) CEO Elon Musk said Saturday night that the EV giant won’t launch a refreshed Model Y in 2024, pushing back a key potential growth driver until at least year.
X
In response to a question on his social X site regarding rumors that an updated Model Y would be ready in July, Elon Musk wrote, “No Model Y ‘refresh’ is coming out this year.
Musk added, “I should note that Tesla continuously improves its cars, so even a car that is 6 months newer will be a little better.”
The Model Y crossover electric vehicle is Tesla’s biggest seller by far, so an updated Model Y will be important for future sales.
However, it’s unclear if the upcoming “Project Juniper” Model Y refresh will be a big sales driver.
The “Highland” Model 3, launched in China and Europe late last year and in the U.S. in early 2024, had only a small, brief impact on demand. Further back, the Model S and X refresh, after months of production issues, also didn’t rejuvenate sales of the premium vehicles.
While the Model S, X and 3 updates had internal refinements, the exteriors had minimal exterior changes.
Tesla EV Pipeline Limited
Aside from the still-ramping Cybertruck, which is likely to be only a North American vehicle, Tesla has few upcoming models for its aging lineup.
Elon Musk has announced a robotaxi event on Aug. 8, but it’s unclear what that will entail. Some have speculated that Tesla will unveil a prototype or images of a robotaxi that has no steering wheel, but that presumably wouldn’t go into production for some time. Tesla’s Full Self-Driving, despite its name, is still just a Level 2 driver-assistance system, requiring a human driver.
Meanwhile, next-generation vehicles that would have much lower costs and a “revolutionary” manufacturing process appear to be off the table. Instead, Tesla plans “affordable” EVs that can be made on existing production lines.
On the Q1 earnings call, Musk said initial production could start in late 2024 or early next year. That would suggest mass production later in 2025, assuming the timeline doesn’t slip. The speculation is that Tesla is working on a stripped-down Model 3 or Y, such as a hatchback.
It’s unclear how well a cheaper Model 3 hatchback would fare, especially in fiercely competitive markets such as China.
Tesla Shareholder Vote
In the short run, the Tesla focus has been on the ongoing shareholder vote on Elon Musk’s pay deal as well as whether to reincorporate in Texas. The results should be announced at the Tesla shareholder meeting on Thursday, June 13.
Tesla Stock
Tesla stock dipped 0.4% to 177.40 last week, holding above the 50-day. It has a four-weeks-tight entry of 186.88, according to MarketSurge, and is on track to craft a base in another week. However, TSLA stock is some distance below its 200-day line.
Please follow Ed Carson on Threads at @edcarson1971 and X/Twitter at @IBD_ECarson for stock market updates and more.
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