EV giant Tesla Inc. TSLA said on Monday that deliveries of its refreshed Model Y vehicle manufactured at its gigafactory in Shanghai will start “soon.”
What Happened: Tesla posted on social media platform X that it has officially commenced production of the refreshed Model Y at its gigafactory in Shanghai.
The company did not provide a specific date for the start of its Shanghai-made new Model Y deliveries but said it would commence “soon.” However, the company, on its China website, now says that deliveries of the refreshed vehicle will start in late February or next week, earlier than its previous timeline of March.
Tesla first launched the refreshed Model Y in China in January and in the U.S. a few days later. In the U.S., deliveries of the new vehicle are slated to start only in March.
The rear wheel drive variant of the new Model Y starts at 263,500 yuan on Tesla’s China website, nearly 5.4% pricier than the older version of the vehicle which started at 249,900 yuan. The more premium long-range all-wheel drive variant starts at 303,500 yuan.
Why It Matters: Tesla CEO Elon Musk said during the company's earnings call last month that the company will lose production in the days of retooling factories to prepare for production of the refreshed vehicle.
The CEO also warned that margins will be impacted due to idle capacity and other ramp-related costs. However, these challenges will be overcome once production is ramped, he said.
Model Y is Tesla's best-selling vehicle. The refreshed vehicle's launch follows the company reporting a fall in vehicle deliveries for the first time in over a decade.
Tesla reported global deliveries of 1.79 million vehicles in 2024, down from full-year deliveries of 1.81 million in 2023.
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Photo courtesy: Tesla
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