Nov 28 (Reuters) - Tesla (TSLA.O) is developing a revamped version of Model 3, according to four people with knowledge of the effort, as the top EV maker aims to cut production costs and boost the appeal of the five-year-old electric sedan.One focus of the redesign codenamed "Highland" is to reduce the number of components and complexity in the interior of the Model 3 while focusing on features that Tesla buyers value, including the display, according to the people, who asked not to be named because the revamp has not been announced.The effort spotlights an approach to vehicle development pioneered by Tesla and now being copied by other automakers, including Toyota Motor (7203.T), that removes complexity – and cost – in production.That redesign added an airplane-style yoke in place of a traditional steering wheel and removed buttons and traditional air vents as part of a minimalist interior where the centerpiece is a 17-inch electronic display.“Tesla knows visually tangible changes are in order.”“The upcoming changes that potential customers can see and feel will be very important in ensuring that EV customers still have Tesla at the top of their minds as truly excellent alternatives to Tesla are starting to flood the market,” he said."