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Tesla Inc. recently informed its supply partners that it would like to kickstart the production of its new electric vehicle models that will be built for the mass market. The company said the plan is to begin the fabrication in June 2025.
According to four sources who have knowledge of the matter, Tesla's new EV line has been codenamed "Redwood." Two of the sources disclosed the upcoming models are compact crossover types.
Building More Affordable Electric Vehicles
As per Reuters, Elon Musk, Tesla's chief, has long incited customers' and investors' liking for cheaper EVs and self-driving taxis that are expected to become available for the next generation. These vehicles, including an entry-level model priced at $25,000, will allow the company to compete with cheaper gas-powered cars and EVs with low price tags, like the models made by China-based BYD Company Limited.
Through the new EVs that it will make for mass production, Tesla is also hoping to regain its rank as the top electric vehicle in the world. BYD snatched the title from the company in the last quarter of 2023.
In any case, Musk pledged to build an inexpensive car worth only $25,000 in 2020. However, the plan has been put off and is now revived. Currently, the cheapest Tesla EV is its Model 3 sedan, which is being sold starting at $38,990 in the United States.
EV Makers in China Step Up Competition with Tesla
Meanwhile, as Elon Musk's auto manufacturing company prepares to build its new line of cheaper cars, CNBC reported that EV makers in China are also working to upgrade their cars to beat Tesla.
The Chinese EV market is pushing local companies to make and sell models with more extravagant features that Tesla has not yet introduced in the country. They are also encouraged to stay at a lower price range to outplay the American brand.
Photo by: Paul Steuber/Unsplash
