Crowder Securities Limited - Tesla's Most Popular Model May Change; Stock is Top S&P 500 Gainer

Tesla's (TSLA) most popular model is reportedly undergoing changes.
WAN CHAI, Hong Kong - Jan. 3, 2024 - PRLog -- According to Bloomberg, the electric vehicle (EV) maker is planning to introduce a redesigned version of its Model Y from its Shanghai manufacturing.

According to those familiar with the situation, the corporation is now planning work on the revisions in China, with plans for mass production to begin in the middle of next year. The SUV was redesigned in October, with new wheel designs and ambient lighting, but the 2024 model is projected to feature far more visible outward and interior improvements.

According to Experian, the Model Y was the second-most popular automobile in the United States during the third quarter of this year, accounting for 2.5% of all light cars sold.

Bloomberg also reported that China's BYD is on track to overtake Tesla as the world's largest seller of electric vehicles this quarter. Tesla's EV market supremacy has eroded this year as new rivals, including both EV startups and traditional automakers, gain market share.

Tesla stock was up 2.2% at $262.24 as of 11:35 a.m. ET, making it the S&P 500's top gainer. Since the beginning of the year, the stock has increased by around 140%.

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