A low-cost model of Tesla will launch in 2025, CEO Elon Musk told investors. It could help the EV maker compete with BYD and other surging Chinese automakers.
A cheaper model of Tesla electric vehicle is coming late next year, CEO Elon Musk told investors today. If it launches on Musk’s ambitious timeline, it might arrive in time to help Tesla parry the growing might of Chinese EV makers. The “next generation” compact vehicle Musk mentioned could represent the $25,000 entry-level EV teased in a recent biography of Musk by author Walter Isaacson. Musk didn’t mention a price point for the future vehicle on today’s call.
The Chinese automaker BYD delivered more EVs last fall than Tesla, though the US carmaker was ahead on annual deliveries. Chinese auto exports more than doubled last year, as the country sent more than 4 million vehicles abroad, according to a Chinese industry group. Protectionist trade policies mean Americans can’t buy cheaper Chinese-made cars domestically. But automakers including BYD are reportedly considering manufacturing in Mexico to avoid the heaviest tariffs.
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