Tesla has announced that they will begin delivering an updated version of the Model Y SUV to U.S. buyers starting in March, as indicated by their latest website listings.
Priced at $59,990, before accounting for a $7,500 federal tax credit for new electric vehicle purchases, the refreshed Model Y Juniper boasts several new features. These include a redesigned front, new front and rear light bars, and an enhanced interior equipped with ventilated seats, reclining second-row seats, and improved Wi-Fi connectivity.
Tesla started accepting orders for this upgraded Model Y from customers in Canada and Europe on Thursday and launched sales in China about two weeks prior. On Thursday night, CEO Elon Musk shared a video via Tesla’s account on X, highlighting the new features of the Model Y.
Facing growing global competition, Tesla aims to inject new energy into its core automotive business. Company executives are anticipated to discuss Tesla’s fourth-quarter and year-end performance on Wednesday, following the market closure.
Tesla’s most recent release, the distinctively designed steel Cybertruck, hit the market in late 2023. Despite it becoming the top-selling electric truck in the U.S. last year, this achievement did not offset a decrease in overall deliveries, which experienced their first decline in 2024.
Elon Musk, who also leads SpaceX and owns the social media platform X, has been in the spotlight over the past few months. This is due in part to his substantial financial backing of President Donald Trump’s 2024 campaign and his role within the president’s inner circle.
On Monday, as President Trump commenced his second term with an inauguration, he signed an executive order suggesting he intends to repeal the federal electric vehicle tax credit. This credit, introduced during the Biden administration as part of the Inflation Reduction Act, has significantly benefited Tesla over the years. Its removal is expected to impact other electric vehicle competitors more severely.
Prior to the launch of the new Model Y version, Tesla experienced a dip in their brand reputation, attributed to Musk’s political involvement and Tesla’s dated product lineup, as revealed by Brand Finance research.
For more insights, check out the latest analysis on why Bank of America has downgraded Tesla’s stock to a neutral position.
