Tesla Stock: Model Y Refresh Planned Amid EU Sales Slump

Tesla is gearing up for a significant overhaul of its popular Model Y electric SUV, with mass production of the refreshed version scheduled to begin at its Shanghai facility in January 2024. The update, developed under the codename "Juniper," comes after nearly five years of the current model's production run. While specific details about the modifications remain under wraps, this strategic move aims to reinvigorate one of Tesla's key revenue drivers, particularly as the company faces mounting challenges in the European market.

European Market Pressures Mount

The planned refresh arrives at a crucial time, as Tesla grapples with a sharp decline in European Union registrations, recording a striking 40% drop in November compared to the previous year. This downturn, significantly steeper than the broader EU auto market's modest 1.9% decrease, coincides with new EU tariffs on Chinese-made electric vehicles. The situation is further complicated by an overall softening in the EU's electric vehicle market, where pure electric car registrations have fallen by 5.4% to 1.30 million units over the current year.