Automotive Giant Tesla To Manufacture New EV in Mid 2025 By CIOTechOutlook Team

Automotive Giant Tesla To Manufacture New EV in Mid 2025

CIOTechOutlook Team | Wednesday, 24 January 2024, 12:24 IST

Tesla has told providers it needs to begin creation of another mass market electric vehicle codenamed "Redwood" in mid-2025, as per four individuals acquainted with the matter, with two of them portraying the model as a minimal hybrid.

Tesla CEO Elon Musk has long whetted fans' and investors' appetites for affordable electric vehicles and self-driving robotaxis that are expected to be made on next-generation, cheaper electric car platforms, as per economic times.

Those models, including a section level $25,000 vehicle, would permit it to rival less expensive fuel controlled vehicles and a developing number of cheap EVs, like those made by China's BYD. BYD overwhelmed Tesla as the world's top EV producer in the last quarter of 2023.

Musk had initially stated that he would produce a $25,000 automobile in 2020, a plan that he put on hold before resuming. Tesla's least expensive contribution, the Model 3 car, presently has a beginning cost of $38,990 in the US. Musk said last year he was worried about the effect of exorbitant loan costs on purchaser interest for first-class things like vehicles.

Two of the sources stated that Tesla predicted a weekly production volume of 10,000 vehicles when it sent "requests for quotes," or invitations to bid, to suppliers for the "Redwood" model last year.

Creation would start in June 2025, three of the sources said. All spoke on state of namelessness on the grounds that the matter is secret.

Before Tesla's quarterly results report this afternoon, which is expected to forecast a 21% increase in deliveries by 2024—well below Musk's long-term annual goal of 50%—one of the most frequently voted-for questions from investors was regarding the timing of the next generation of compact vehicles.