According to a Reuters report, Tesla (TSLA:NSD) is planning a revamp of its best-selling Model Y crossover SUV, codenamed “Project Juniper,” with production expected to begin in 2024. The update will include changes to the vehicle’s exterior and interior, the first since its launch in 2019. While there were expectations for an update at Tesla Investor Day, CEO Elon Musk declined to provide specifics.
Tesla has experienced a surge in demand for its vehicles, particularly the Model Y, which was completely sold out in the US by mid-February. This is attributed to aggressive price cuts in China and the model’s eligibility for a $7,500 federal tax credit. The company is investing heavily in expanding production capacity to meet demand.
The Street’s consensus rating for Tesla stock is a Buy, based on 22 Buy, six Hold, and three Sell recommendations. The average price target of $232.04 represents a 1.1% upside potential, with shares up over 87% year-to-date.
