A new Tesla model may be on the way soon, and it could be cheaper. According Reuters Tesla reportedly wants to start production of a new compact crossover electric vehicle (EV) codenamed “Redwood.” Tesla has supposedly informed its suppliers that it would like to begin production of this new mass-market electric vehicle in mid-2025.
While not confirmed, these new models could include a base car costing $25,000 USD (approximately $33,800 CAD). Elon Musk has discussed the possibility of building a $25,000 electric vehicle in the past.
A new, cheaper model would put Tesla in closer competition with lower-cost gasoline cars and other less expensive electric vehicles entering the market. Currently, the cheapest Tesla in Canada is the Model 3, which starts at $53,990. The federal government also offers a $5,000 incentive for select electric cars with an MSRP of $55,000. Individual provinces also offer different incentives.
We’ve already heard that Tesla plans to build a cheaper electric vehicle, but no official announcement has been made. In Tesla shareholders meeting 2023 In May, Elon Musk teased two new products that are on the way. “I just want to emphasize that we are actually building a new product.” Musk said at the meeting, “We are actually designing a new product. “We are not standing idly here.” This compact electric crossover could be one of them.
Musk also said that the design and manufacturing techniques of the new products “are far above anything else that is present in the industry right now.”
Late last year, Tesla launched the Cybertruck, which costs approximately $83,000. The truck has been subject to slow deployment and has had difficulty navigating some conditions.
It is unknown when the design and pricing of these new cars will be officially revealed.
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