Elon Musk's Tesla To Launch Performance Variant Of Refreshed Model Y 'Later This Year'

EV giant Tesla Inc. (NASDAQ:TSLA) will launch the Performance variant of its refreshed Model Y later in the year, company executive Lars Moravy said in an interview published on Monday.

What Happened: Tesla launched the refreshed version of its best-selling Model Y SUV in January. The launch series (vehicle with exclusive badging and more that the company intends to make to celebrate the start of production) long-range all-wheel drive variant of the refreshed vehicle is currently listed on Tesla’s U.S. website alongside the older variants of the vehicle.

However, other variants of the refreshed vehicle, including the premium Performance variant, will be launched later this year, according to Moravy.

“Actually we’re starting with the launch edition and then all of the other variants the dual motor, base edition rear-wheel drive, performance, and seven-seater options, those will come later in the year,” Moravy, Vice President of Vehicle Engineering, said in an episode of Jay Leno’s Garage premiered on YouTube on Monday.

Tesla commenced production of the refreshed vehicle less than two weeks ago across its four vehicle factories around the world in Califonia, Texas, Shanghai, and Berlin. Deliveries of the vehicle are slated to start in March.

Why It Matters: Tesla CEO Elon Musk said during the company’s earnings call last month that the company will lose production in the days of retooling factories to prepare for production of the refreshed vehicle.

The CEO also warned that margins will be impacted due to idle capacity and other ramp-related costs. However, these challenges will be overcome once production is ramped, he said.

Model Y is Tesla’s best-selling vehicle. The refreshed vehicle’s launch follows the company reporting a fall in vehicle deliveries for the first time in over a decade.

Tesla reported global deliveries of 1.79 million vehicles in 2024, down from full-year deliveries of 1.81 million in 2023.

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Photo courtesy: Tesla