Elon Musk-led electric vehicle (EV) giant Tesla (TSLA) launched the revamped version of its Model Y in China today to gain an edge over rivals. The facelifted model boasts advanced features such as heated seating and improved acoustics that will help reduce interior noise. The new Model Y, also called “Juniper,” is priced at 263,500 yuan ($35,900), more than 5% costlier compared to the earlier version. Tesla is expected to start delivering Juniper in March this year, subject to regulatory approvals.
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More About Tesla’s Juniper
Tesla has started showcasing the revamped Model Y SUV on its websites in China and other Asia Pacific markets. However, it remains unclear when Juniper will be launched in the U.S. and UK. The original Model Y was launched in 2020 and soon became one of the best-selling EVs in China and across the globe. However, stiff competition from domestic Chinese companies and an overall decline in the demand for EVs led to a dramatic fall in Tesla’s market share. The EV king also missed delivery estimates for 2024, dampening investors’ and analysts’ confidence in the stock.
Meanwhile, some of the refreshed features of Juniper are akin to the revamped version of Model 3 launched last year. These upgrades include reduced improved efficiency and performance, ambient lighting as well as a rear screen. Some of the external features are also similar to Tesla’s Cybertruck, such as the continuous light bar in the front end. Juniper is also a bit lighter than the original version and can chalk out a few extra miles.
Musk seems to be on a mission to win back the lost market share for Tesla. He has also teased the launch of a cheaper EV this year and a six-seater SUV. At the same time, Tesla aims to mass produce the Optimus humanoid robots this year and accelerate its production in the coming years. Meanwhile, Musk’s close ties with President-elect Donald Trump are expected to smoothen the future path for all of his ambitions.
Is Tesla a Buy, Hold, or Sell?
Unfortunately for Musk, Wall Street currently prefers to remain on the sidelines on Tesla stock. On TipRanks, TSLA stock has a Hold consensus rating based on 13 Buys, 12 Holds, and nine Sell ratings. Also, the average Tesla price target of $320.90 implies 18.8% downside potential from current levels. In the past year, TSLA shares have zoomed 68.8%.
