Tesla (TSLA) launched an updated version of the Model Y in the US and Europe late Thursday night, bringing some new excitement to its product portfolio, which had been getting long in the tooth.

On its website, Tesla said the “new Model Y,” featuring an updated exterior and interior, new suspension tuning, and a slew of other smaller updates, would start at $59,990 before any incentives for the “Launch Series” and would lease for $699 with $2,999 down.

The all-wheel-drive Launch Series Model Y is the only trim available for offer, with deliveries beginning in March. The older version of the Model Y is still on sale, with the long-range rear-wheel drive trim priced at $44,990, the long-range all-wheel drive at $47,990, and the performance all-wheel drive at $51,990. Tesla did not say how long the older Model Y would remain on sale or when it would be phased out.

Tesla stock was little changed in early trade on Friday.

Tesla originally revealed the new Model Y in China in early January, and it is now beginning to appear in showrooms.

Last year, Tesla finally updated the Model 3 sedan for global markets, which was well received by consumers, in part because the original Model 3 launched seven years earlier and needed a refresh. “Refreshed Model 3 ramp continued successfully in Q3 with higher total production and lower cost of goods sold quarter-over-quarter,” Tesla said in its Q3 earnings report in late October.

The new version of the Model Y features Cybercab-esque light bars in both the front and back, with the more angular styling suggesting a new design language, as first seen in the Cybertruck and later in the Cybercab.

An updated product range could help Tesla boost sales. Its stock skidded to start 2025 following a big fourth quarter delivery miss and an overall down year for the electric vehicle maker.

Last year, Tesla delivered 1.78 million vehicles, missing analyst estimates for 1.8 million and resulting in an annual total below 2023’s 1.8 million vehicles delivered. It was Tesla's first year-over-year decline, hinting that new competition, demand, and global economic conditions may be hurting the company.

Tesla has promised the launch of a lower-priced EV in early 2025, along with other new vehicles that the company said would allow it to return to a 50% growth rate compared to 2023.

Tesla is slated to release Q4 and full-year results after the bell on Wednesday, Jan. 29.

Pras Subramanian is a reporter for Yahoo Finance. You can follow him on X and on Instagram.

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