Tesla is purportedly planning to manufacture an updated version of the Model Y at its Shanghai facility starting in 2024.

Reportedly, Tesla is gearing up to introduce an updated version of its popular Model Y SUV at its Shanghai plant, as per Bloomberg News. The revamped Model Y is set to undergo significant alterations both inside and out, with mass production projected to commence by mid-2024.

Sources familiar with the matter mentioned to Bloomberg that the Shanghai facility will halt production for approximately a week after the new year to enhance its manufacturing capabilities. Another upgrade is expected later in the year before full-scale production begins.

Tesla has not yet responded to requests for confirmation or comment. Earlier in the year, Tesla made substantial changes to its Model 3 sedan.

The company is scheduled to announce its fourth-quarter delivery figures on January 2nd. Analysts, according to FactSet, are expecting around 473,000 deliveries, an increase from the approximately 435,000 vehicles delivered in the third quarter.

Despite notable recalls, Tesla stock has climbed nearly 9% in the past month, marking a 108% surge in share value year-to-date. Wedbush analyst Dan Ives, a longtime supporter of Tesla, recently raised his 12-month price target to $350 from $310. He suggested that the EV manufacturer might achieve a $1 trillion valuation by 2024.

 ----------The article is excerpted from MarketWatch.