Elon Musk aims to reignite Tesla’s fading momentum by making Model Y look like the Cybercab

• The Model Y refresh is now available to order for Chinese customers, with deliveries beginning in March. Everything is riding on its success, as the crossover accounts for roughly 1.2 million units, or two out of every three Teslas sold.

Tesla finally revealed one of its best-kept secrets, pulling back the cloth on a refreshed newer version of its bestselling Model Y.

It’s hard to overstate just how high the stakes are for CEO Elon Musk, whose company just suffered a historic drop in annual sales.

The midsize crossover is the brand’s bestseller by far. Last year, it accounted for roughly 1.2 million units delivered, or two out of every three cars Tesla sold. Yet the vehicle faces increasing competition as it enters its sixth year in the U.S. market.

Due out first in China come March, the newer vehicle, code-named “Juniper,” is now available to order on Tesla’s local website.

It touches up some exterior styling cues including headlights that borrow heavily from the Cybercab robotaxi concept, while offering more extensive changes in the passenger cabin.

The long-range version, better suited for American roads, retails at 303,500 yuan ($41,400) and manages 719 kilometers (447 miles) on one charge under China’s far more forgiving test cycle. The latter represents a slight improvement of 4.5% over the current version.

The U.S. launch date, price in dollars, and EPA-estimated range have not been released, but they are likely to be substantially different if for no other reason than Tesla sources the bulk of its made-in-China vehicles locally.

Tesla did not respond to a Fortune request for comment.

A lot is riding on Juniper’s success. No other major global carmaker is so heavily dependent on just one product to drive overall revenue and profits, let alone a company worth more than the rest of its collective peers combined.

Even a moderate drop in demand would have a material effect on Tesla’s business, especially as the EV maker’s launch date for its low-cost entry model is not exactly clear.

Investors hope Juniper will reignite demand enough to keep Tesla factories humming with a minimum of margin-eroding rebates and incentives.

A key reason both production and deliveries sank last year was the belief that Model Y owners were waiting for Juniper’s arrival before submitting their next purchasing order.

“To achieve the envisaged accelerated sales growth in 2025, the new entry model is essential in our view,” UBS said, referring to Musk’s promise to grow volumes by 20% to 30% this year.

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