TECH - Elon Musk's Tesla Prepares For Major Model Y Overhaul In China Amid Rising Competition From Warren Buffett-Backed BYD And Xpeng: Report | Benzinga
In a bid to maintain its dominant position in the rapidly growing electric vehicle (EV) market, Tesla Inc (NASDAQ:TSLA) is reportedly planning to debut an updated Model Y from its Shanghai plant. This move comes as a strategic response to the increasing competition from Warren Buffett-backed BYD (OTC:BYDDF) (OTC:BYDDY).
What Happened: Elon Musk’s Tesla is getting ready for the production of the revamped Model Y sport utility vehicle in China, with mass production potentially starting in mid-2024, Bloomberg reported, citing sources.
The 2024 Model Y will feature more significant exterior and interior changes compared to the recent update in October. The first batch of new Model Ys will be produced in the second phase of Tesla's Shanghai plant, which will temporarily halt production for about a week during the New Year holidays for upgrades.
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Since its inception in 2019, Tesla's Shanghai factory has been responsible for over half of the automaker's ...