(Reuters) – Tesla will not launch a refreshed Model Y this year, chief executive Elon Musk said in a post on social media X on Saturday.

“No Model Y ‘refresh’ is coming out this year”, Musk said, adding that Tesla continuously improves its cars, “so even a car that is 6 months newer will be a little better.”

Tesla has been slow to refresh its ageing models as high interest rates have sapped consumer appetite for big-ticket items, while rivals in China, the world’s largest auto market, are rolling out cheaper models.

The carmaker’s global vehicle deliveries fell in the first quarter for the first time in nearly four years.

Last year, Reuters reported that Tesla was readying a production revamp of Model Y with a target of starting production in 2024.

(Reporting by Jahnavi Nidumolu in Bengaluru; Editing by Kim Coghill)