Recent reports claim that Tesla (NASDAQ:TSLA) is planning to revamp the Model 3 as part of its secret “Highland” project.
The Tesla Model 3 was first introduced back in 2017 as a more economic option for cost-minded consumers. Since then, the electric vehicle (EV) hasn’t been given any major updates, however, and its age is starting to show.
That’s reportedly why a revamp of the Tesla Model 3 is underway, with a new project codenamed “Highland” in the works. Let’s get into everything fans of Tesla and TSLA stock investors need to know about that below!
The Tesla Model 3 Revamp
- According to reports, Tesla is aiming to launch the updated Model 3 as early as next year.
- The goal of this redesign is to simplify the interior design while also retaining features that Tesla owners love.
- This includes removing some of the more complex parts of the EV while still keeping its display.
- These changes would allow Tesla to reduce the cost of the Model 3, which makes sense considering the effects that inflation is having on markets.
- However, it’s still unclear how much cost will be saved from these alterations and if they will result in customers seeing a lower price.
- Reports also claim that the updated Model 3 will take design cues from the redesigned Model S introduced last year.
- That means we may see the inclusion of the yoke steering wheel first introduced in the Model S, although reports don’t confirm this specific detail.
- Claims also predict that the new Model 3 will sport an updated powertrain and exterior changes.
- The new version of the EV is set to be manufactured at Tesla’s Shanghai and Fremont plants.
- Production could start in Shanghai by the third quarter of 2023.
TSLA stock is up 1.7% as of Monday afternoon.
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On the date of publication, William White did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.