Jan 23 (Reuters) – Tesla launched a redesigned version of its best-selling Model Y crossover in the United States, Canada and Europe on Thursday, weeks after it was first released in China.

The refreshed version comes ahead of a widely anticipated launch of a cheaper model in the first half of 2025, as the Elon Musk-led electric-vehicle maker looks to boost sales volumes and attract a larger swathe of buyers.

The Model Y was first launched in 2020 and it became the world’s best-selling car in 2023. The ageing model lost some sales momentum last year, as Tesla recorded its first drop in annual deliveries, hurt by competition from rivals in China and Europe.

The most expensive variant of the car, called the “Launch Series”, will cost $59,990 in the U.S., according to the company’s U.S. website, making it 25% dearer than the costliest version of the older car.

The new Model Y, only available in the “Launch Series” version for a limited run, has redesigned exteriors, upgraded features inside and a slightly extended range of 320 miles (515 km).

The variant comes equipped with the Full Self-Driving advanced driver assistance system, which is otherwise an $8,000 option on other Tesla models.

Tesla, which is set to report its fourth-quarter results on Wednesday, said it would begin deliveries of the new car in March.

The company has also listed the older version of the Model Y in its inventory, with discounts of more than $3,500 for some variants.

The world’s most valuable automaker had rolled out a refreshed version of its Model 3 compact sedan in North America at unchanged prices a year ago, with design updates and some new features. (Reporting by Gursimran Kaur and Akash Sriram in Bengaluru; Editing by Alan Barona, Rashmi Aich and Shilpi Majumdar)