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Tesla Unveiled Refreshed Model 3

Nikos Tzabouras Written by Nikos Tzabouras
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Updated Model 3

Under the codename Highland, Tesla Motors Inc has been working on an updated version of its Model 3 sedan, which has been in the market for six years. The company has now released the revamped version, which does not appear to be available on all regions for the time being. At the time of writing, the new version is shown on Tesla's European website [1] and on its Weibo page in China [2], but the US website still features the previous model.

The refreshed Model 3 features significant exterior changes on the front and back, with an overall more sleek and aggressive design. The interior is also updated and now sports an 8'' rear display. Range appears to have increased up to 629 km for the long-range version, according to the European website.

The Model 3 redisign is welcome, as the fleet is aged and the EV King has not released any new passenger vehicle in years. This is about to change this year though, as the company gears up to begin deliveries of its long-awaited futuristic Cybertruck, potentially within September.

The electric truck was first unveiled in late-2019, but its production has proved extremely challenging given the particular design and has been mired by multiple delays. Mr Musk had previously indicated that first deliveries could begin within the third quarter. However, he was more vague during July's earnings call of the Q2 results, saying that "we will be delivering the car this year". [3]

Tesla Motors Inc has slashed prices multiple times in order to cope with demand fears and increasing competition, which has made its cars more affordable. The big bet though is the production of an actually cheap vehicle, which was part of Musk's original Master Plan from the distant 2006 [4]. Back in March, executives had outlined a next-gen platform that will lead to a 50% reduction in costs and 40% less manufacturing footprint. This could allow Tesla to built an affordable EV, but has not provided much detail around its plans.

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Tesla is facing increasing competition from legacy automakers such as the Ford Motor Company, Volkswagen and BYD, as well as EV startups like Rivian, NIO and others. However, it remains at the pinnacle of the EV revolution, pushing on autonomous driving, solar panels and charging networks, humanoid robots, lithium refinery and more.

Nikos Tzabouras

Senior Financial Editorial Writer

Nikos Tzabouras is a graduate of the Department of International & European Economic Studies at the Athens University of Economics and Business. He has a long time presence at FXCM, as he joined the company in 2011. He has served from multiple positions, but specializes in financial market analysis and commentary.

With his educational background in international relations, he emphasizes not only on Technical Analysis but also in Fundamental Analysis and Geopolitics – which have been having increasing impact on financial markets. He has longtime experience in market analysis and as a host of educational trading courses via online and in-person sessions and conferences.

References

1

Retrieved 01 Sep 2023 https://www.tesla.com/en_eu/model3

2

Retrieved 01 Sep 2023 https://weibo.com/3615027564/NheSD4HN7

3

Retrieved 01 Sep 2023 https://www.youtube.com/watch

4

Retrieved 13 May 2024 https://www.tesla.com/blog/secret-tesla-motors-master-plan-just-between-you-and-me

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