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Tesla Reportedly Working On Revamped Model 3

tesla model3 112922 lt

Electric car giant Tesla Inc. (TSLA) is reportedly working on a redesign of the Model 3 codenamed "Highland."

According to Reuters, Tesla's Shanghai Gigafactory will begin producing the new Model 3 sometime during the third quarter of 2023. The company's goal is to "reduce the complexity and number of components" required to produce the sedan.

The redesign could include changes to the car's exterior and powertrain performance. The project is also said to build on the revamp of the 2021 Model S, which may include the airplane-style yoke steering wheel and fewer buttons.

The Model 3 has been on sale since 2017 without any major design changes and is currently built at Tesla's Fremont, California, and Shanghai, China, factories.

Tesla has also started installing its new larger, more efficient battery cells into some of its Texas-built Model Y's, which could potentially be used in the Model 3.

The Tesla Model 3 is the company's cheapest car, starting at $46,990. It's also the second best-selling electric car in the US, only bested by its larger sibling Model Y.

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