AUTO - Exclusive: According to Sources Tesla (Tsla Stock) Is Preparing a Redesigned Model 3 Called Highland
Tesla Inc (TSLA stock) is working on a revised version of the Model 3, with the goal of reducing production costs and increasing the attractiveness of the electric car, which is already five years old.
According to the people, who requested anonymity because the redesign has not yet been made public, one of the focuses of the redesign, codenamed “Highland,” will be to lessen the complexity and number of parts in the Model 3’s interior while focusing on features that Tesla (NASDAQ: TSLA) buyers value, such as the display. This will be accomplished while remaining focused on features that Tesla buyers value.
The electric sedan is facing growing competition from models made by companies such as China’s BYD (002594.SZ), Hyundai (005380.KS), and upcoming releases from other major automakers. The makeover, which was previously undocumented, comes as a result of this heightened competitiveness.
According to two of the sources, the revamp of the battery-powered sedan, which could possibly include modifications to the Model 3’s exterior and powertrain performance, would go into production at Tesla’s factories in Shanghai and Fremont, California. They indicated that production of the redesigned Tesla Model 3 would commence in the third quarter of 2023 at the Shanghai Gigafactory.
It was unclear when production would start at the Fremont factory nor how much of a cost savings Tesla would accomplish while it works with suppliers on the redesign.
This project highlights a strategy for vehicle development that was pioneered by Tesla and is now being imitated by other manufacturers, notably Toyota Motor (7203.T). This approach reduces the complexity of the production process, which in turn reduces the cost associated with it.
It is also an example of a crucial project at Tesla that has gone along even though Chief Executive Officer Elon Musk has been focusing on his problematic acquisition of Twitter in recent months, which has been a source of concern for Tesla investors.
Reuters submitted a formal request for comment, but Tesla did not react to the request.
CHANGE YOU CAN SEE
The redesigned Model 3 follows in the footsteps of Tesla’s flagship electric vehicle, the Model S, which debuted a year ago after undergoing a fac...
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