Tesla recently announced the Model Y refresh in China. Orders of the new updated vehicle are strong according to sources in the region. Read Also: Tesla Q3 Earnings Highlights: EPS Beat, Revenue Miss, Shares Climb On 2025 Timeline For Lower-Cost EVs Why It's Important: The Model Y refresh is one of the most anticipated vehicles in the Tesla lineup and could come at a time when the company is between new vehicle models after the Cybertruck release in 2023. The refreshed Model Y is only available for order in China and neighboring regions and has not yet been introduced in North America or Europe. The vehicle refresh comes as more competition has entered the electric vehicle market and hurt Tesla's market share in several regions, including the U.S. Tesla delivered 1.79 million vehicles globally in 2024, down from 1.81 million in the previous year. This marked the first full-year deliveries decline on a year-over-year basis in company history. The Model Y was recently named the bestselling EV in the U.S. for 2024 with 372,613 units sold. This figure was down 6.6% year-over-year. A potential Model Y refresh in the U.S. in 2025 could help the model see strong sales for the year as EV owners and Tesla fans wait for new models to become available in the coming years. TSLA Price Action: Tesla stock is up 0.42% to $405 on Tuesday at publication versus a 52-week trading range of $138.80 to $488.54. Tesla stock is up 84% over the last year. Read Next: