Tesla Model Y refresh coming in next few months, report says
A report is claiming that the Tesla Model Y refresh might be coming in the next few months as the automaker plans a factory shutdown at Gigafactory Shanghai.
Last summer, Tesla launched the refresh version of the Model 3 in Asia, Pacific, and Europe.
The new version of the popular electric sedan has yet to arrive in North America, and yet, Tesla has been rumored to already be preparing a refresh of Model Y, which is closely related to Model 3.
The updated version of the electric SUV is expected to bring some of the same changes introduced in the new Model 3, along with a few more unique features.
Now a new report from Bloomberg claims that Tesla is preparing to bring the new version of Model Y in production in the coming months.
The reports mentions volume production in “mid-2024” at Gigafactory Shanghai:
The US electric carmaker is currently conducting preparation work in China for its refreshed Model Y sport utility vehicle and mass production may start as soon as mid-2024, the people said, asking not to be identified because the information isn’t public.
But it also says that a first batch might come following a factory shutdown and upgrade during the New Year holiday:
The first batch of the newest Model Ys will be made from the second phase of Tesla’s Shanghai facility, which will suspend production for around a week during the New Year holiday for a partial upgrade, one of the people said. More adjustments will have to be made prior to mass production, they added.
It’s unclear if this is the upcoming New Year holiday next week or the Chinese Lunar New Year in February.
The report also states that the refresh is going to feature “much more obvious exterior and interior changes” than the Model Y update in China in October, which featured new ambient lighting and some performance upgrades.
This new upgrade would be more significant and likely the project codenamed Juniper that we have been hearing about since earlier this year.
Electrek’s Take
Not many details in this report, but it does sound like Tesla is preparing to launch the new version of Model Y.
It is going to be interesting to see how Tesla handles the transition because Model Y is currently Tesla’s cash cow.
Any slowdown in production volume amid a switch to a new version will have a major impact on the automaker’s business. A smooth versus difficult production transition could make all the difference in Tesla’s Q1 2024 performance.
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In this photo illustration, the logo for the US tech firm “Block” is displayed and reflected in a number of digital screens on March 03, 2023 in London, England.
Leon Neal | Getty Images
With its stock down more than 30% this year and revenue growth slowing, Jack Dorsey’s Block is going bigger in lending.
The company on Thursday said it secured approval from the Federal Deposit Insurance Corporation to originate loans through its banking subsidiary, Square Financial Services, allowing it to offer small-dollar consumer loans directly rather than relying on external banking partners.
It’s an expansion of Cash App Borrow, the company’s short-term lending product. But it comes at a time of increased concerns surrounding consumer credit, with President Trump’s expansive tariffs and widespread government job cuts raising talk of a potential recession.
Transaction losses in Block’s lending segment jumped 39% last quarter, and while the company claims its underwriting model is strong, small-dollar lending is inherently risky.
“Cash App Borrow is designed to provide short-term cash flow in a simple and accessible way when alternatives are notoriously expensive and difficult for consumers to navigate,” Block said in the press release. The company added that the average Cash App Borrow loan was under $100 and about a month in duration.
Block didn’t immediately provide a comment.
In getting approval to operate the lending business out of its own bank, Block says it will be able to offer the product nationwide.
Last month, Block reported quarterly results that missed Wall Street expectations, with revenue growing just 4.5% from a year earlier. The stock plunged 18%, its worst one-day drop since 2020.
Around the same time, Block rolled out Afterpay, its buy now, pay later product, on the Cash App card. Chief Financial Officer Amrita Ahuja told CNBC that the launch aimed to provide customers with more credit options, and positioned Cash App as a banking alternative for some customers. Block acquired Afterpay, which competes with Affirm, for $29 billion in early 2022.
Also this week, Block announced a big investment plan in artificial intelligence.
The company said on Wednesday that it will deploy Nvidia’s AI systems with its latest Blackwell chips to power open-source AI research. Block didn’t say what specifically it’s looking to achieve through its AI buildout, but noted in the press release that it will “start exploring novel solutions for our customers.”
![Kia's first electric van looks even better in person [Video]](https://i0.wp.com/electrek.co/wp-content/uploads/sites/3/2025/03/Kias-first-electric-van-PV5-1.jpeg?resize=1200,628&quality=82&strip=all&ssl=1)
Kia is launching its first electric van, the PV5, later this year. If you liked how it looked in pictures, wait until you see it in real life. A production PV5 was spotted in Korea for the first time, giving us a closer look at the futuristic van. See it for yourself in the video below.
Kia’s first electric van spotted in Korea
After teasing it for what seemed like forever, Kia finally took the sheets off the PV5 at its 2025 EV Day event last month.
With its hard-to-miss futuristic design, the PV5 is a near replica of the concept shown at CES last January. The mid-size electric van is set to kick off Kia’s new Platform Beyond Vehicle (PBV) strategy.
The PV5 will initially be available in Passenger, Cargo, and Chassis Cab setups, but with “unprecedented flexibility,” you can expect to see more options soon. Two of the first will be the PV5 Crew, with additional cargo securing options and a Wheelchair-Accessible Vehicle (WAV) version.
After that, Kia will follow it up with Drop Side, Box Van, Freezer, Box, and Prime variations. It plans to launch a Light Camper conversion.
With sales kicking off in the second half of 2025, Kia’s electric van was spotted in Korea for the first time without camouflage. A new video from HealerTV gives us a better idea of what to expect when the PV5 hits dealerships later this year.
The PV5 maintains its techy, almost ahead-of-its-time design. Two exterior body colors were shown: white and a darker grey or black. As the reporter notes, it actually looks like an upgrade from the concept.
Kia did what it could at the back so it didn’t look like a bus, giving it more of a rounded overall shape. You can see how it stands apart from most MPVs you see today.
Like the Volkswagen ID.Buzz, Kia’s PV5 looks more like a minibus. At 4,695 mm long, 1,895 mm wide, and 1,899 mm tall, Kia’s passenger electric van is slightly smaller than the European ID.Buzz model (4,712 mm long, 1,985 mm wide, 1,937 mm tall).
It will be available with 51.5 kWh and 71.2 kWh battery packs, good for up to 400 km (249 miles) WLTP range. The PV5 can also fast charge (10% to 80%) in about 30 minutes. In comparison, powered by an 84 kWh battery, the ID.Buzz now offers up to 293 miles WLTP range.
Kia will launch sales in Korea and Europe later this year, followed by other global markets in 2026. Pre-orders will open soon, so check back for prices.
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