Tesla is reportedly planning to produce a more affordable model, according to a source close to the company. The new electric vehicle is expected to be priced at €25,000 (approximately $27,000), making it more than 2.5 times less expensive than the average price of passenger electric vehicles in Europe.
Elon Musk, the CEO of Tesla, reportedly informed the employees at the Tesla plant in Germany about this development on November 6. However, the exact launch date for this new model has not been disclosed yet.
This initiative aligns with Musk’s previous statements in 2020 about Tesla’s plans to develop a more budget-friendly model within three years. Although the project was delayed as of January 2022, recent reports suggest that Tesla has discovered an innovative method to manufacture solid car bodies, potentially reducing costs by half.
Despite the growing popularity of electric vehicles, their high cost remains a significant barrier for many potential buyers. This issue is further exacerbated by high loan rates. Tesla’s move to produce a cheaper model could therefore be a game-changer in making electric vehicles more accessible to the masses.
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