TESLA SAYS NEW VEHICLES, INCLUDING 'MORE AFFORDABLE' MODELS, ARE COMING
The electric automaker's eagerly anticipated Q1 filing has a few details about what's needed most: new models.
Lately, it's been a fair question whether Tesla CEO Elon Musk remembers he's running a car company—or if he even wants to. Much to the chagrin of investors, owners and fans everywhere, word on the street lately is that Tesla's big focus is autonomously-driven robotaxis instead of a supposedly $25,000 EV. All of that comes at a time when Tesla's car lineup is older than ever, and losing ground to new electric competitors.
But Tesla's Q1 2024 financial report, which was released today ahead of its quarterly earnings call, seems to affirm that some new vehicles are indeed coming soon—including "more affordable" models.
"We have updated our future vehicle line-up to accelerate the launch of new models ahead of our previously communicated start of production in the second half of 2025," the report said. "These new vehicles, including more affordable models, will utilize aspects of the next-generation platform as well as aspects of our current platforms, and will be able to be produced on the same manufacturing lines as our current vehicle line-up."
That's all it says, for now. It stops far short of what many investors and Tesla-watchers probably wanted: confirmation of that $25,000 EV, and maybe announcements of new crossovers and sedans to replace the aging Model S, X, Y and 3. (The Roadster is said to be in the cards as well, but like the Cybertruck before it, it has been long-delayed and is likely to be an expensive niche product.)
Earlier, the robotaxi—reportedly some kind of fully autonomous vehicle that Tesla will deploy in an unspecified new "service"—was said to ride on the same next-generation platform as the more affordable compact car. But earlier this month Reuters reported that program had been canceled, something Musk later denied. Its current status is unclear, but industry observers believe that more affordable EVs will be key to wider adoption, and that Tesla is positioned to deliver on them first—that is, if competitors from China and even players like Kia and Ford don't beat Tesla to the punch.
It is possible that Musk will elaborate further on the upcoming models in tonight's earnings call. If that happens, we will update this story.
Contact the author: patrick.george@insideevs.com
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