Tesla (TSLA:NSD) is Working on New Model Y Design

Model Y Redesign

Tesla is  known to be working on a refresh of its top-selling Model Y crossover SUV, which has been in production since January 2020. The updated Model Y, code-named “Project Juniper,” is expected to feature new exterior and interior elements, with a production start date of 2024. Tesla is also reportedly refreshing its Model 3 sedan, which has been around since mid-2017, with updated exterior components and powertrain features, and the goal of cutting costs and simplifying production. Test “mules” of the updated Model 3, code-named “Project Highland,” have been seen on social media.

This news is somewhat unusual for Tesla, which has traditionally kept its products unchanged for many years. However, it’s possible that Tesla is feeling the effects of new, cheaper competition in the EV market, particularly in China, where the company feels the need to refresh its model lineup in order to better compete. New EV models from GM, Kia, and other traditional automakers in the U.S. market will also put pressure on Tesla’s sales dominance if the company doesn’t react to the new competition.

Tesla’s Investor Day event is scheduled for March 1, and the company is expected to unveil its generation 3 platform, which will likely be a cheaper, smaller model. Anticipation is high for how far Tesla will go in revealing features and design of this model, as it will round out the company’s product portfolio, along with the upcoming Cybertruck.

TSLA Stock Forecast & Analysis

According to the average analyst target price for Tesla Inc over the next 12 months, the stock is expected to reach USD 232.12. The average analyst rating for Tesla Inc is Strong Buy, indicating that analysts are bullish about the company’s prospects. Stock Target Advisor’s own stock analysis of Tesla Inc is Slightly Bullish, based on 11 positive signals and 5 negative signals.

Tesla Inc’s stock price closed at USD 205.71 recently, showing an increase of +4.23% over the past week and +15.63% over the past month. However, over the last year, Tesla Inc’s stock price has decreased by -29.10%.

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