Tesla's most popular model is finally up for a redesign. Here's what could change.

• A refresh could be coming for the Model Y in mid-2024.
• Tesla is prepping its Shanghai factory for the refresh, Bloomberg reports.

Tesla may be ringing in 2024 with a new and improved Model Y.

Citing sources familiar with the matter, Bloomberg reports that Tesla is preparing its Shanghai factory to start producing a refreshed Model Y in mid-2024.

This refresh will come with much more significant changes inside and out than a recent update in October, Bloomberg reports, but details on these changes are scarce. For clues on what this Model Y redesign might look like, look to the Model 3 redesign earlier this year.

For the European market, Tesla this summer gave the Model 3 a sportier look, with a sleeker front end and more luxurious interior highlighted by a new ambient lighting system across the dash.

The Model Y, a crossover that has gained significant popularity since it went on sale in 2020, gained even more mass appeal this year when Tesla quietly rolled out a more affordable base model. It was one of the best EV deals on the market this summer, with a cost of around $36,490 (when factoring in a $7,500 federal tax credit).

Tesla is growing up

Heading into this year, Tesla CEO Elon Musk faced pressure from investors to refresh the electric car company's aging lineup — especially as more competition flooded the market.

Musk long resisted the industry norm to refresh designs every few years and instead rolled out entirely new cars like the Model 3 in 2017, the Model Y in 2020, and the Cybertruck last month.

But as the once-scrappy startup grows into something more closely resembling a regular car company, things Tesla never used to do — redesigns and discounts — are becoming more commonplace at Musk's car company.

The normalcy is welcomed by many Tesla investors, some of whom continue to be frustrated with Musk's public antics, particularly at his social media company X (formerly Twitter).

Are you in the market for a Model Y? What changes would you like to see in a redesign? Contact this reporter at nnaughton@insider.com