Tesla has cancelled its long-promised inexpensive car, three sources have told Reuters.
the long-promised inexpensive car that investors have been counting on to drive its growth into a mass-market car maker, according to three sources familiar with the matter and company messages seen by Reuters.
Tesla’s cheapest current model, the Model 3 sedan, retails for about $39 000 in the US. The now-defunct entry-level vehicle, sometimes described as the Model 2, was expected to start at about $25 000.The stark reversal comes as Tesla faces fierce competition globally from Chinese EV makers flooding the market with cars priced as low as $10 000. The plan for driverless robo-taxis, which could take longer to deliver, presents a stiffer engineering challenge and more regulatory risk.
Squeezing profits from entry-level vehicles is a challenge for any car maker. But Tesla’s delay in pursuing the car Musk once called his dream made it much tougher because it now faces far more competition in that price range.
Musk has wavered on the project before. In a biography of the entrepreneur released last year, author Walter Issacson reported that Musk in 2022 “put a hold on” the entry-level EV plans, reasoning that a Tesla robo-taxi would make the car irrelevant. Musk’s advisors urged him to stay the course, the book said.
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