$NIO Inc.(NIO)$ Tesla CEO Elon

$NIO Inc.(NIO)$ Tesla CEO Elon Musk confirms that a Model Y update won't arrive in 2024.

Rumors have suggested a facelifted version would debut this year, following the Model 3 refresh.

An update is needed to keep Model Y competitive, especially in the face of new challengers from China.

The Tesla Model Y has been around for four years, and apart from software updates (and a minor upgrade in 2023), it has soldiered on unchanged since 2020. And it's not getting an update anytime soon. Company CEO Elon Musk confirmed via X (formerly Twitter) that "No Model Y 'refresh' is coming out this year.

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