Tesla Inc. is preparing to launch an updated version of its popular Model Y SUV at its plant in Shanghai, Bloomberg News reported late Tuesday.
According to Bloomberg, the revamped Model Y will feature significant interior and exterior changes, and is expected to reach mass production as soon as mid-2024.
The Shanghai facility will pause production for about a week after the new year to upgrade its production capabilities, Bloomberg reported, citing sources familiar with the matter. The plant will need another upgrade later in the year before mass production starts, the report added.
Tesla TSLA, +1.61% did not immediately respond to a request for confirmation or comment.
Earlier this year, Tesla revamped its Model 3 sedan.
Tesla is expected to report its fourth-quarter delivery numbers on Jan. 2. Analysts anticipate about 473,000 deliveries, up from about 435,000 delivered in the third quarter, according to FactSet.
Tesla stock is up nearly 9% over the past month, despite some high-profile recalls, as shares have surged 108% year to date. Last week, Wedbush analyst Dan Ives, a longtime Tesla bull, raised his 12-month price target to $350 from $310, and said the EV company could hit a $1 trillion valuation in 2024.