Tesla Confirms It Won’t Be Refreshing the Model Y This Year

In an internal email to employees, Tesla Inc. (NASDAQ: TSLA) has confirmed that no Model Y refresh will be coming this year. Model Y has up to 310 miles of range on a single charge with dual motor all-wheel drive that allows drivers to manoeuvre through different road conditions.

The vehicle also has two trunks, fold-flat seats and 3,500 pounds of towing capability. It can seat up to seven and has more than enough storage paired with advanced active safety features. Additionally, the vehicle allows for remote locking, key sharing and vehicle monitoring, all of which can be done through one’s phone.

In 2023, a report was released that the automotive company was working on a refresh of the aforementioned model. Sources that declined to be named revealed that Project Juniper was on course to begin production in 2024 of this year.

Internally, Model Y is known as Project Juniper.

Tesla then launched an upgraded version of Model 3 in China, with rumors surfacing that Giga Shanghai would soon begin production of the upgraded Model Y come 2024. In the last couple of weeks, we have seen Tesla reduce Model Y prices in North America, with prices in Canada going down by more than $4,000 and by $1,000 in the United States.

Every time the automotive company has reduced vehicle prices, consumers have speculated that it is because Tesla is working to clear its inventory before the refresh. In an effort to straighten things out, Tesla sent an email out to its employees noting that no refresh Model Y would be launched in North America in 2024. The company highlighted the importance of communicating transparently on the refresh of Model Y this year. It then ended the correspondence by stating that there was no better time for customers to start driving their electric SUV.

The best time to get the Model Y is now, especially in Canada, since prices have hit a new low. All three versions of the vehicle also qualify for the $5,000 iZEV federal rebate. In America, the Model Y qualifies for a $7,500 federal tax credit, which is available at the point of sale.

It should be noted that this credit applies to eligible customers who meet all federal requirements. Customers can buy up to two vehicles annually with the tax credit applied to the purchase price directly. Leasing the vehicle starts at $379 per month.

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