Tesla Inc TSLA CEO Elon Musk has confirmed that the company will not be launching a refreshed Model Y this year.
What Happened: On Saturday, Musk posted, “No Model Y ‘refresh’ is coming out this year,” while emphasizing that Tesla continuously improves its vehicles, making even a car that is six-months newer slightly better.
Tesla has been slow to update its older models amid high interest rates that have dampened consumer demand for high-priced items. Meanwhile, competitors in China, the largest auto market globally, are introducing more affordable models.
According to Reuters, Tesla’s global vehicle deliveries dropped in the first quarter, marking the first decline in nearly four years. Last year, Reuters reported that Tesla was preparing a production revamp of the Model Y, aiming to start production in 2024.
