Elon Musk has promised a new low-cost Tesla will be on the market within a year as he faced investors after sales fell to their lowest since 2012.
Tesla 's first-quarter revenue was $21.3 billion - down 9 percent on last year. Investors reacted well to its promise to bring affordable EV production forward
Musk confirmed a smaller Tesla model - which is expected to cost around $25,000 - will be on the roads by either late 2024 or early 2025. It marked an acceleration from its previous target of the second quarter of next year. In after-hours trading Tesla's share price was up almost 10 percent after the company made assurances of affordable cars in the near future
It also said it would bring forward the production of more affordable cars, critical if the company is to scoop up a lucrative share of the mass market.'We’ve updated our future vehicle lineup to accelerate the launch of new models.' Exacerbating concerns among investors was that the company reportedly canceled its project to build the 'Model 2.' The car was rumored to cost around $25,000 and for many analysts was a vital product for Tesla to crack the mass market.
They are now producing cars for as little as $10,000 - around a third of the price of the cheapest electric car available in the US.Chinese EV maker BYD recently released the Seagull, which costs $9,700 in China. Tesla recently scrapped its plans to make a cheap 'Model 2' car for the mass marketTesla cut the starting price of the Model 3 in China by 14,000 yuan, or $1,900, to 231,900 yuan, or $32,000, its official website showed on Sunday.
Yourmoney Cars Elon Musk Tesla
United Kingdom Latest News, United Kingdom Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
‘Arrogant Billionaire’: Elon Musk Feuds With Australian PM Over Content Takedown OrdersAustralia’s Prime Minister called Elon Musk, owner of X and self-styled free-speech champion, an “arrogant billionaire.”
Read more »
Australia secures takedown order for terror videos, which Elon Musk wants to fightYet X remains a supporter of an international commitment to stop this, and its owner knows it
Read more »
Elon Musk's X to challenge Australian content takedown orders in courtPLUS: Samsung in 'emergency mode'; Tim Cook's Asian charm tour; APAC AI spend to surge
Read more »
Elon Musk gets owned by streamer who beat Elden Ring using Morse codeA Twitch streamer has beaten Elden Ring using Morse code, but Elon Musk wasn't all that impressed, prompting the comeback of the year.
Read more »
Tesla asks shareholders to reinstate Musk's voided $56B pay packageGiven the electric car maker's annus horribilis so far in 2024, does the chief even deserve it?
Read more »
Elon Musk mercilessly mocked over 'embarrassing' red carpet posesThe 52-year-old SpaceX founder was seen hamming it up for the cameras as he struck a series of awkward poses on the red carpet at the Breakthrough Prize awards over the weekend.
Read more »