Tesla (NASDAQ:TSLA) is planning to change the look of its top-selling Model Y crossover SUV, as per a Reuters report. The production is expected to start in 2024, under the code name “Project Juniper.”
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The EV giant is likely to make changes in both the exterior and interior of the vehicle. This will mark the first time Tesla is revamping this model since its launch in 2019. While an update was expected on this front at Tesla Investor Day, which was held yesterday, CEO Elon Musk declined to comment on the specifics.
As per the data released by the China Passenger Car Association, Tesla received several orders for its Model Y vehicles in January after it announced aggressive price cuts in China.
Furthermore, the model was completely sold out in the U.S. by mid-February. This was a result of a considerable surge in orders due to a decline in prices and the car’s eligibility for a $7,500 federal tax credit.
Of late, Tesla has witnessed a massive surge in demand for its vehicles. It seems that Musk’s price-cut plan worked out pretty well. Moreover, Tesla is investing heavily in the expansion of its production capacity to meet the growing demand.
Is Tesla Stock a Good Buy?
The Street’s Moderate Buy consensus rating for Tesla stock is based on 22 Buys, six Holds, and three Sells. The average TSLA stock price target of $204.96 implies 1.1% upside potential. Shares have rallied over 87% since the start of this year.
