(Reuters) – Tesla (NASDAQ:) will not release an updated Model Y this year, CEO Elon Musk said in a post on social network X on Saturday.
“There’s no ‘refresh’ of the Model Y this year,” Musk said, adding that Tesla is constantly improving its cars, “so even a car that’s 6 months newer will be a little better.”
Tesla has been slow to update its aging models as high interest rates have dampened consumers’ appetite for expensive products while rivals in China, the world’s biggest auto market, roll out cheaper models.
The automaker’s global vehicle deliveries fell in the first quarter for the first time in nearly four years.
Last year, Reuters reported that Tesla was preparing to revamp Model Y production, with the goal of starting production in 2024.