A new Tesla Model Y is coming in 2024 to shake-up Australia's electric car market - reports

Tesla is reportedly planning a major overhaul of its top-selling Model Y EV with key interior and exterior updates coming as early as 2024, according to international reports.

One of Australia's most popular EVs, the Tesla Model Y has only been on sale for a single calendar year in our market, with almost 9000 vehicles delivered.

But the brand is reportedly already planning a significant update, with a new model - currently known as "Project Juniper" - set for a 2024 debut, reportedly in response to models like the Hyundai Ioniq 5, Kia EV6 and Polestar 2.

The reports, which surfaced in US outlet Automotive News, suggest the brand is working on a new interior and a new-look exterior for what is arguably its most important model.

Exactly what will be changed remains to be seen, but the outlet quotes two sources currently working on the project, who suggest a production start date is targeted for October 2024.

The brand has reportedly begun canvassing its suppliers to quote on new exterior and interior features, with the moves suspected to be in response to growing competition from newer models in the EV space.

It follows news the brand is also set to reinvigorate its Model 3 - a project reportedly codenamed Highland - with Tesla's Shanghai factory expected to commence production of the new model in September this year.

Musk is set to address media, investors and Tesla fans today as he unveils the company's Master Plan 3 at a Tesla Investor Day at the brand's Texas factory.

Whether he confirms exactly what to expect from the Model Y and Model 3 remains to be seen, but the company leader has form in revealing his long-term vision and plans for the company, and its individual models.