The Model Y has been available for less than a year, but it's about to get a big manufacturing upgrade.

When the Model Y was first released, Tesla Inc (NASDAQ: TSLA) CEO Elon Musk said the rear casting was two pieces, with an update ahead that would bring it down to one single piece.

This makes the car lighter, cheaper, faster and easier to build.

This new press is up and running in Tesla's Fremont factory in California, according to a press release out of China summarized by Tesmanian.

Tesla China also announced that the same machine will be installed in Gigafactory Shanghai in the future for Model Y production.

The segment of Gigafactory Shanghai that will allow for Model Y production and delivery is under construction. Gigafactory Shanghai started Model 3 production and sales last year.

Benzinga's Take: Tesla recently reduced the price on the Model Y, and this may be the reason.

Another slight price decrease is of course possible; Tesla does tend to reduce the price of vehicles over time.

The new rear casting is the first of its kind in the world, giving Tesla a huge advantage when producing this crossover, which is America's most popular vehicle segment.

Photo courtesy of Tesla. 

See more from Benzinga

• Tesla's Battery Day Invite Reveals Potential Clue Of What's To Come

• Drone Video Shows Progress On Tesla's Gigafactory Texas

• Tesla Using Mobile Service Fleet To Test Cybertruck Steel Before Launch

© 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.