2024 Tesla Model Y price and specs: best-selling SUV gets further price cut

2024 and Hardware 4.0 Update

While not officially confirmed, leaked imaes have suggested possible facelift updates for the Model Y, akin to slight interior refreshes seen in the Chinese market, including RGB ambient lighting and new textile dashboard trims. Performance and range improvements for several variants are hinted, but details remain to be revealed. These changes are not likely to be present in the 2024 Model Y but the Juniper mid-life refresh - akin to the Highland refresh of the Model 3.

The 2024 Tesla Model Y will be enhanced with what it refers to as "hardware 4.0" Autopilot computer and sensors, a suite of upgraded features for vehicles produced in China. These upgrades include new camera technology, designed to bolster the electric SUV’s self-driving potential.

Additionally, in a unique update, the Model Y is also set to debut a fresh paint option known as Quicksilver, exclusive to the locally manufactured version of the EV.

In an official Weibo post, Tesla announced, “The best-selling car on the planet, Model Y, has been upgraded with exclusive paint ‘Quick Silver,’ your own ‘superhero’. The new generation of autonomous driving hardware HW4.0 can see farther, see clearer, and calculate faster… Come and get in the car in the era of autonomous driving hardware 4.0.”

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These modifications were initially seen in the refreshed Model 3 that debuted in Australia in early September 2023, and have also been introduced in Model S and Model X vehicles in the United States.

The camera upgrades for the Model Y will feature enhanced video resolution for capture and recording, providing the potential to improve the vehicle’s existing Autopilot feature as well as its future self-driving capabilities.

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Image by - X/ Jason Clinton

The advanced computer system in the updated Model Y will process camera footage more rapidly, thus enhancing safety for both vehicle occupants and surrounding road users.

The cost of the new Quicksilver paint is set at $A2,500, aligning with the price point of other multicoat options like Stealth Gray and Ultra Red.

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While the Quicksilver finish was first introduced at Tesla’s European GigaBerlin facility in 2022, the midnight silver has remained the primary silver/grey selection for the Model Y produced in China for both domestic and international markets, including Australia.

The updates involving upgraded hardware and the Quicksilver paint option, which are currently being implemented in Shanghai-made vehicles, are anticipated to extend to Australian-market cars soon.

Juniper Refresh

Tesla is set to bring significant updates to the Model Y with its Project Juniper refresh. This update will follow the design cues and various upgrades in the Model 3 Highland, including an improved suspension and a quieter cabin. The most controversial change however will be the elimination of stalks from the Tesla dashboard design.

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In terms of production, Tesla is gearing up for mass production of the Project Juniper Model Y at Giga Shanghai, with an anticipated start in mid 2024. The production facility is currently undergoing upgrades geared towards accommodating the new model. As reported by Bloomberg, the first lineup of these refreshed Model Ys is expected to be produced at the second phase of Tesla's Shanghai gigafactory. The production will face a temporary pause during the Chinese New Year holiday for partial upgrades.

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All three Model Y electric SUV variants are differentiated by the drivetrain and battery pack.

The Model Y RWD has a single-motor setup and is most efficient, while Long Range and Performance models gain more powerful dual-motors for all-wheel drive and a larger battery to yield some extra driving range.

The key difference is the RWD's lithium-iron-phosphate (LFP) battery that can recharge at up to 170kW DC (with no charge limit), while the Long Range and Performance with a nickel-manganese-cobalt (NMC) pack peaks at up to 250kW DC speeds (with a 90 per cent charge limit recommendation).

➡️ View the Full Specs

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The overall dimensions offer a spacious interior and impressive storage capabilities, with the Model Y measuring 4751mm in length, 2129mm in width, and a 2890mm wheelbase. Cargo space is substantial, boasting up to 2158 liters with the rear seats folded down.

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Built on Tesla's second generation Model 3/Y dedicated EV platform which allows for greater interior space relative to the external footprint.

Overall, the Model Y is 31mm longer and 183mm taller than its Model 3 counterpart. The Model 3 is however 12mm wider.

➡️MORE: 2024 Tesla Model 3 vs. Model Y: Size and Spec comparison

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All three Model Y electric SUV variants share largely the same features as standard.

EDITOR'S NOTE: All prices listed below exclude Tesla’s $400 ordering fee, $1400 delivery charge, and the compulsory Luxury Car Tax (applicable on the Performance variant only).

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Model Y RWD price: $55,900 before on-road costs

The Tesla Model Y is priced from $55,900 before on-road costs for the entry-level standard range RWD variant. Key features include a high-efficiency particulate air (HEPA) cabin filter, full panoramic fixed glass roof, and a high-tech minimalistic interior like its smaller Model 3 sedan twin on which it's based.

RWD features:

Model Y Long Range price: $69,900 before on-road costs

For $14,000 more, the Long Range gets a dual-motor all-wheel drive powertrain, plus LED fog lights.

Long Range adds:

Model Y Performance price: $82,900 before on-road costs

Another $13,000 for the flagship Performance gains additional features, such as the more powerful drivetrain tune, 21-inch Überturbine wheels with red-painted performance brake callipers, lowered suspension, and a carbon fibre rear spoiler.

Performance adds:

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Tesla Model Y options

• Standard paint – no cost: Pearl White Multi-Coat
• Premium paint – $1500: Solid Black; Stealth Grey; Deep Blue Metallic
• Ultra Red paint – $2600
• Quicksilver paint – $2600
• 20-inch Induction wheels (RWD and Long Range only) – $2400
• Black and white interior – $1500
• Tesla Mobile Connector trickle charging cable – $550
• Tow Package – $1970

Enhanced Autopilot – $5100:

• Navigate on Autopilot on highways (assists with lane changing and highway exits)
• Automatic lane change assist
• Automatic parking assist
• Summon (remotely move forwards and backwards)
• Smart Summon (remotely drives to owner)

‘Full Self-Driving Capability’ – $10,100:

• Enhanced Autopilot features
• Traffic light and stop sign control (slows down the vehicle while using adaptive cruise control)

Premium Connectivity – $9.99/month:

• Satellite-view maps with live-traffic lines
• Music and video app streaming
• Remote exterior and interior camera monitoring (via mobile app)
• Karaoke
• Internet browser

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The Tesla Model Y is backed by a four-year/80,000km vehicle warranty and roadside assistance with a different battery warranty depending on the drivetrain variant.

For the base Model Y RWD, it has a eight-year/160,000km battery warranty, whereas the Model Y Long Range and Performance are covered for eight-years/192,000km. Tesla promises it’ll keep at least 70 per cent of its battery health over the coverage period.

It adopts a condition-based servicing scheme, meaning the vehicle will notify the owner when its sensors detect it’s time for check-up via the mobile app.

Tesla also recommends a range of specific routine maintenance tasks, including:

• Cabin air filter – every two years
• HEPA filter – every three years
• Tyre rotation, balance and wheel alignment – every 10,000km/if the tread depth difference is 1.5mm or more
• Brake fluid test – every two years
• Air conditioning desiccant bag – replace every four years
• Cleaning and lubricating brake callipers – every 12 months/20,000km (for cars in cold weather regions only)

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Tesla Model Y RWD spec comparison

The Tesla Model Y RWD compares well on paper with the similarly-priced Kia EV6, Hyundai Ioniq 5, and the Ford Mustang Mach-E electric SUVs. It has larger boot (although it's measured up to the roof, instead of the seats as per its rivals), faster 0-100km/h acceleration, and energy efficiency.

But, the EV6 and Ioniq 5 are capable of ultra-rapid charging speeds on a compatible public charging station thanks to its 800-volt class architecture.

Tesla Model Y Long Range spec comparison

Similarly, the Model Y Long Range is priced slightly lower than its AWD counterparts, while providing similar or comparable range and charging capabilities.

Tesla Model Y Performance spec comparison

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NOTE: Prices exclude on-road costs, mandatory $400 ordering fee, $1400 delivery charge, and the Luxury Car Tax (applicable on Performance variant only).

The recent price reductions for the Tesla Model Y Rear-Wheel Drive and Long Range models now make the Model Y arguably the the best value electric SUV available in the market.

Its combination of size, charging speed and range for the price is unmatched by its peers - refer above peer comparison.

The Long Range model in our opinion provides the best value of the bunch, closely followed by the Rear-Wheel Drive variant. It would be hard to justify the additional $13,000 for the performance chops of the Performance model given its shares an identical motor and battery to the Long Range AWD. The average driver is unlikely ever going to utilise the extra acceleration that the Performance model offers.