The upcoming electric vehicle platform designed by Tesla for its future compact car will be twice as cheap as that of the Model 3 and Y, Elon Musk said as he made his report on the company’s third operational quarter of the year.
According to Musk, the new car will be smaller than the Model 3 featured in our gallery here. By cutting down the costs, Tesla will be able to sell more while not sacrificing its profit margins.
The company never revealed any images of the new EV or even its name, but, according to rumors, it could be a five-door hatchback. It remains to be seen how well Tesla manages to reduce the production costs, but it definitely sets its stakes high: according to Musk, the new car will be produced in larger quantities than all other Tesla EVs combined.
InsideEVs opines that the affordable model will not arrive any sooner than the company sorts out the issues plaguing the Semi and the Cybertruck. This frankly sounds rather questionable to us, because the affordable EV market is exploding right now and needs variety. Perhaps Tesla will be able to enlist the assistance of its China division to design and produce such a car as soon as possible.
The estimated starting price in the USA is $25,000 – roughly $20,000 less than the bare-bones Model 3 costs.