Elon Musk Denies Rumors Of Model Y Refresh Yet Again, Urges Fans To Stop Speculating Over Fear Of Hurting Tesla Sales

Tesla Inc. TSLA CEO Elon Musk on Sunday denied rumors of a refreshed Model Y launching this year.

What Happened: “There is no new Model Y this year,” Musk wrote on X after images of a black Model Y under wraps started doing the rounds on social media as a possible prototype of a revamped version of the SUV.

The CEO also urged Tesla enthusiasts to stop hinting that there is a new version, claiming that the news of a refreshed Model Y will harm the sales of the current version. The Tesla enthusiast to whom Musk responded subsequently deleted the post.

Remember, no new Model Y this year. Nothing to see here people, move along! pic.twitter.com/Mx4ZOj9ZED

— Whole Mars Catalog (@WholeMarsBlog) July 7, 2024

Musk has previously denied rumors of a refreshed Model Y. “No Model Y ‘refresh’ is coming out this year. I should note that Tesla continuously improves its cars, so even a car that is 6 months newer will be a little better,” Musk said in June.

Why It Matters: The Model Y is the bestselling car from Tesla. The rumors of a refreshed Model Y kicked off after Tesla introduced a re-engineered version of its other mass market offering – the Model 3- earlier this year in the U.S.

The rumors of a refreshed version of the older vehicle come amidst concerns about Tesla's aging lineup and dropping sales. Tesla delivered 443,956 vehicles in the second quarter globally, marking a 4.8% drop from last year but still beating the consensus estimate. 

The Model 3 and Model Y account for a whopping majority of Tesla’s overall deliveries. In the second quarter, Tesla delivered 422,405 Model 3 and Model Y, accounting for a whopping 95% of the company’s overall global deliveries.

The other Tesla vehicles currently in production include Model X, Model S, and Cybertruck, all to the higher end of the EV price spectrum.

Price Action: Tesla shares closed up 2.1% at $251.52 on Friday. The stock is up 1.25% year-to-date, according to data from Benzinga Pro.

Check out more of Benzinga's Future Of Mobility coverage by following this link.

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