Tesla Inc. is gearing up to introduce an upgraded version of its widely acclaimed Model Y electric SUV from its Shanghai manufacturing plant, as sources familiar with the development have revealed, according to media reports. Reports suggest that preparations are underway in China for the revamped Model Y, with mass production potentially commencing by mid-2024.

The forthcoming 2024 iteration of the Model Y is anticipated to feature more pronounced alterations both externally and internally compared to its previous update in October, which incorporated modifications such as a redesigned wheel and ambient lighting. Details regarding these forthcoming enhancements remain undisclosed at this time.

Reports further indicated that the initial batch of the upgraded Model Y vehicles will be manufactured within the second phase of Tesla's Shanghai facility. As part of the preparation process, production at this plant is expected to be temporarily halted for approximately a week during the upcoming New Year holiday to facilitate partial upgrades. Additional refinements are slated to precede the full-scale production of the vehicle.

When approached for comment, a Tesla representative based in China chose not to provide any statements on the matter.

Since its establishment in 2019, Tesla's Shanghai factory has progressively become a pivotal hub, accounting for more than half of the company's global deliveries. Launched initially in 2020, the Model Y has garnered significant acclaim, establishing itself as one of the leading electric vehicle models in global markets. Notably, in the Chinese market, the Model Y has constituted nearly 75 per cent of Tesla's total sales, as per data compiled by Bloomberg Intelligence.

(With Reuters inputs)