Tesla appears to be working on a new and improved version of its most popular offering, the Model Y, at its factory in China with plans for mass production by mid-2024. TSLA shares edged higher Wednesday.
The global EV giant is readying to unveil an updated Model Y in China, Bloomberg reported late Tuesday. The Model Y is the bestselling vehicle in the Tesla lineup, making up the bulk of the company's vehicle deliveries in China and the world.
Tesla is currently making preparations at its China plant for the revamped Model Y with mass production beginning as early as mid-2024, according to Bloomberg. As part of that revamp, phase two of the Shanghai plant would shut down for a week around Lunar New Year for upgrades.
The 2024 version of the Model Y will reportedly have more than the exterior and interior refinements Tesla worked on for the slight update to the vehicle in October.
Tesla China on Wednesday refuted the Bloomberg report, issuing a statement to local media in China.
The global EV giant's reported decision to revamp the Model Y comes after it launched a new Model 3, in an attempt to refresh its two offerings in China's competitive EV market.
Rumors of a "Project Juniper" Model Y update have swirled for several months.
Warren Buffett-backed BYD is a top competitor to Tesla in China which has just decided to open a plant in Europe.
Tesla unveiled its new Model 3 in China on Sept. 1 with official sales beginning on Oct. 19. The company started delivering the "Highland" Model 3 on Oct. 26 in China, with European deliveries also underway. The EV giant is expected to begin making the updated Model 3 at its Fremont plant in early 2024.
Tesla China recently announced it has sold out of the Model Y for 2023, apparently referring to the standard range trim of the vehicle.
Stocks Edge Higher As Tesla Breaks Out, Apple Scores Big Win
Tesla Stock Performance
TSLA gained 1.8% to 261.22 Wednesday during market action. On Tuesday, TSLA advanced 1.6% to 256.61. In December, TSLA has angled about 9% higher, finding support at its 10-day moving average.
Tesla stock sank after the EV giant reported worse-than-expected Q3 earnings and revenue on Oct. 18. However, Tesla stock is building the right side of a double-bottom base giving it a 278.98 buy point, according to MarketSmith analysis.
Technically, Tesla stock now has a wafer-thin handle on a weekly chart, giving it a 259.84 buy point. But ideally the handle would have some depth, perhaps undercutting the Dec. 20 low and at least testing the 21-day moving average.
So far in 2023, Tesla stock has gained more than 100%, easily outperforming the broader S&P 500 index.
Tesla stock ranks fourth in the 35 member IBD Auto Manufacturers industry group. The S&P 500 component has an 80 Composite Rating out of a best-possible 99. Tesla stock also has a 90 Relative Strength Rating and an 88 EPS Rating.
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