Tesla launching upgraded Model Y in 2024; Musk quiet on rumoured affordable EV

Tesla’s EV portfolio is expected to get a massive boost, specifically with a refresh of the Model Y electric SUV range under the codename “Project Juniper.” A Reuters exclusive report cites three people familiar with the matter, who go on to say that Tesla is targeting a 2024 production timeline for Project Juniper.

The automaker hasn’t confirmed nor denied these plans, which is usually the norm when it comes to upcoming vehicle releases. As Reuters suggests, Tesla is under some pressure to upgrade the Model Y lineup, which has seen excellent success, particularly in markets like Europe, China, and the U.S.

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A previous Reuters report has shed light on Tesla’s plans for a similar refresh for the entry-level Model 3. Launching new versions of existing EVs would allow Tesla to gain some parity with its rivals in the EV industry, including in the US.

The report goes on to add that the automaker has even approached manufacturers of exterior and interior parts meant to go into the Project Juniper version of the Model Y. Unfortunately, there’s no word on what upgrades or changes the new iteration of the electric crossover would bring to the table.

The Tesla Model Y

No word yet on Tesla’s affordable EV

Tesla shares dipped 5% following the company’s investor day event, where engineers announced a 50% reduction in assembly costs for next-gen electric cars. However, the manufacturer or its chief executive, Elon Musk, refused to provide any information on the rumoured affordable EV.

While the Model 3 is currently the most affordable Tesla electric car, there have been reports of the company launching a new model at an even lower price point. This EV would potentially target emerging EV markets, where demand for budget EVs is expected to grow.

The company’s silence on the rumoured cheaper Tesla EV suggests that development is still some distance away. There’s also the likelihood that the automaker may ditch the idea altogether.

Tesla’s chief financial officer, Zach Kirkhorn, laid out some of its plans for the future, saying the manufacturer must increase its investments sixfold to reach the ambitious target of producing 20 million EVs per year by 2030. As Reuters rightly points out, a cheaper EV in developing markets will be instrumental in the company getting close to that big figure.

Source: Reuters (1) (2)

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