Tesla Inc (NASDAQ:TSLA) is reportedly poised to roll out a revamped version of the Model Y electric vehicle (EV) from its Shanghai plant.
The fresh model could be ready for mass production as early as mid-2024 and would be released in the face of heated competition in China, according to Bloomberg-cited sources.
Tesla is able to produce some 950,000 cars from its Shanghai plant, including both Model 3 and Model Y vehicles.
According to Bloomberg, production is set to be suspended at the site over the New Year’s holiday as upgrades are made.
The move marks the latest by Tesla to buoy demand for its cars, after the US-manufacturer has repeatedly slashed the price of its vehicles this year.
However, new vehicles from the likes of Nio, Baidu and Denza throughout the year have rivalled Tesla’s Model Y, which faced a 4.86% dip in Chinese sales to 49,877 units in November.