In an effort to maintain its dominance in the global electric vehicle (EV) market, Tesla (TSLA) is reportedly working on a new and improved version of its popular Model Y at its factory in China. This move comes as the EV giant aims to refresh its offerings in China's competitive EV market, where the Model Y is the best-selling vehicle in Tesla's lineup.

According to a report by Bloomberg, Tesla is preparing to unveil an updated Model Y in China, with mass production slated to begin as early as mid-2024. The company is said to be making preparations at its China plant, including a brief shutdown during the Lunar New Year for necessary upgrades in phase two of the Shanghai facility.

The 2024 version of the Model Y is expected to feature not only exterior and interior refinements but also additional improvements on top of the slight update introduced in October. However, Tesla China has refuted the Bloomberg report and issued a statement to local media denying the revamp.

The move to revamp the Model Y comes after Tesla launched a new Model 3 in China. The EV giant aims to keep its offerings fresh and competitive in China's rapidly growing EV market. Reports of a potential "Project Juniper" update for the Model Y have been circulating for months.

Tesla introduced its new Model 3 in China in September, with sales officially starting in October. Deliveries of the "Highland" Model 3 began on October 26 in China, while European deliveries are also underway. The company is expected to start producing the updated Model 3 at its Fremont plant in early 2024.

Tesla China recently announced that it has sold out of the Model Y for 2023, specifically referring to the standard range version of the vehicle. This indicates the continued strong demand for Tesla's products in the Chinese market.

In terms of stock performance, TSLA shares edged higher by 1.8% to $261.22 during Wednesday's market trading. Over the course of December, TSLA has seen a rise of approximately 9%, finding support at its 10-day moving average. Despite reporting worse-than-expected Q3 earnings and revenue in October, Tesla stock is currently building the right side of a double-bottom base, with a buy point of $278.98, according to MarketSmith analysis.

As of now, Tesla stock has gained over 100% in 2023, outperforming the broader S&P 500 index. It ranks fourth in the IBD Auto Manufacturers industry group, with an 80 Composite Rating out of a possible 99. Additionally, Tesla stock has a 90 Relative Strength Rating and an 88 EPS Rating, reflecting its strong performance in the market.

In conclusion, Tesla's reported plans to revamp and improve the Model Y for mass production in China by mid-2024 highlight the company's commitment to staying at the forefront of the EV market. With strong demand for its vehicles and ongoing innovations, Tesla aims to maintain its position as a leading player in the global electric vehicle industry.