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EV giant Tesla (NASDAQ:TSLA) will not launch a refreshed Model Y this year, Elon Musk, the billionaire CEO of the electric vehicle maker, said on Saturday in a post on social media platform X.
“No Model Y ‘refresh’ is coming out this year,” Musk said, adding that (TSLA) continuously improves its cars, “so even a car that is 6 months newer will be a little better.”
Musk, who co-founded and leads Tesla (TSLA), SpaceX (SPACE), Neuralink and The Boring Company, mentioned this in a reply to an X user who said “There’s rumors going around that the $TSLA Model Y Refresh will be ready by next month… I’m having a hard time believing that.”
The decision to not refresh the model comes as Tesla (TSLA) reportedly lowered the output of its Model Y by a double-digit percentage number at its Shanghai plant since March, and coincides with more competition in China at the vehicle’s price range.
Separately, data from the China Association of Automobile Manufacturers showed the output of Model Y in China fell 17.7% year-over-year to 49,498 units in March and was down 33% year-over-year in April to 36,610 units.
Tesla (TSLA) also reported quarterly results that showed a year-over-year decline in deliveries and production.