Elon Musk has hinted that a cheaper Tesla model might be coming later this year, but he refused to confirm the details. The CEO's comments came during a recent investor call, where he discussed the company's financial performance and future plans.
Tesla has been facing disappointing financial results, and investors have been eager for news about the company's plans to produce a more affordable electric vehicle. Earlier this month, Musk denied reports that he had canceled the "Model 2" project, which was rumored to be a $25,000 model. However, he did not provide any further information about the project's status.
During the investor call, Musk only hinted that the company is working on new models, including discounted ones, and that they will integrate suppliers from its next platform. He also mentioned that Tesla will be able to produce 3 million cars per year in its existing production lines, which currently produce about 1.8 million cars per year.
The implication is that the discounted model could be an additional version of the Model 3, with more efficient production, a smaller battery, or other changes. However, Musk refused to confirm any details about the project's timeline or specifications.
Tesla's financial performance has been disappointing, with the company reporting an operating profit of $1.17 billion in the first quarter of 2024, which is lower than expected. The company also reported a revenue of $21.3 billion and a profit of 45 cents per share, which is below analysts' expectations.
Despite these challenges, Tesla remains one of the largest electric vehicle manufacturers in the world, with a global presence and a strong brand reputation. The company's plans to produce a more affordable electric vehicle could help it to regain its market share and attract new customers.
Only time will tell if Tesla will indeed launch a cheaper model later this year and what specifications it will have.
Elon Musk & New Tesla News Original Article Source: https://www.jpost.com/brandblend/article-804292#google_vignette
