Tesla is preparing a significant refresh for the Model 3

The Tesla Model 3 is enjoying incredible success all over the world. However, although it remains immensely popular in China, it is losing ground in the face of increasingly fierce Chinese competition. To respond to these attacks, Tesla will refresh the model for the year 2024 and will offer improvements in the cabin.

Those who hope that the Tesla Model 3 will be completely revised for 2024 will have to be patient. At best, it’s rumored to be entitled to minor cosmetic tweaks, much like the ones we saw on the Model S and X in 2021.

Basically, if we go by this precedent, the Model 3 will have possibly a new bumper and perhaps a new internal configuration of its powerful optical units. In this vein, the introduction of new rims is to be considered. We can hope that the manufacturer will come up with a more distinctive approach to the Model Y which could very well enjoy changes for 2024 as well. Again, if we consider the 3 and Y intertwined.

The approach would be the same for interior presentation. Hard to be more refined and minimalist, but Tesla would focus on the essentials. Everything will therefore go through the central screen where the most important information will be concentrated in a simpler configuration which should make the experience even more ergonomic. The production of this new “generation” of Tesla Model 3 should begin at the end of 2023 in China before an extended marketing to the rest of the world during the year 2024.

This operation will improve the car, but it is not Tesla’s primary objective at all. We are even more focused on reducing production costs. Tesla is making a real revolution in terms of manufacturing and assembling vehicles, in particular with the contribution of its “gigapresses”, but the company wants to go even further.

It’s unclear if we’ll see another revolution in vehicle manufacturing or if it’s quality that will take the hit. One thing is certain, prices must continue to fall and for one reason only: Tesla is starting to lose its footing in the face of the competition, which is becoming more and more numerous and often cheaper, particularly in China.

China is the second largest market for the Tesla Model 3 after the United States. Although the Shanghai factory operates with an estimated weekly production of 22,000 Model 3 and Y models, the competition is more aggressive when it comes to price.

While in Canada, prices are only going up, in China, the manufacturer has been forced to reduce the bill by 9% to stay in the race against local brands. The picture doesn’t look particularly rosier at home for Tesla. S&P Global analysts estimate that Tesla’s market share will fall from 65% in 2022 to less than 20% in the United States in 2025. This is certainly not a picture thatElon Musk want to see happen.

Conclusion

Tesla continues to largely lead the world of electric cars in innovation, technology and production capacity. However, as one might think, the arrival of competition in all markets of the world and the increasingly strong demand are causing variety to lead to a decline in Tesla’s market share.

Tesla is the player in the best position to come up with solutions that will make its products more affordable. Unfortunately, it is the general quality that is very likely to take it for the cold; and it’s well known that Tesla doesn’t have a lot of leeway in this regard.