Tesla is currently working on preparations for the updated Model Y in China, which could begin mass production as early as mid-2024, according to Bloomberg.

Tesla is preparing to roll out a revamped version of the Model Y at its Shanghai factory as domestic rivals accelerate product launches amid stiff competition, Bloomberg said in a report today, citing people familiar with the matter.

The US electric vehicle (EV) maker is currently making preparations for an updated version of the Model Y in China, which could begin mass production as early as mid-2024, according to the report.

The first batch of the latest Model Y SUVs will be produced in the second phase of Tesla’s Shanghai factory, which will suspend production for about a week over the New Year’s holiday for a partial upgrade, one of the people said, according to Bloomberg.

More adjustments will have to be made before mass production, the people said.

Tesla’s factory in Shanghai currently has an annual capacity of more than 950,000 vehicles, its largest in the world, according to the company’s third-quarter financial report.

The plant produces the Model 3 sedan as well as the Model Y. No other Tesla models are built at the plant.

Giga Shanghai began operations at the end of 2019 and began deliveries of the locally produced Model 3 in January 2020 and the locally produced Model Y in January 2021.

On March 1, a Reuters report said Tesla was preparing a production revamp of the Model Y, codenamed Project Juniper, which involves the exterior and interior of the SUV, with the goal of starting production in 2024.

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