Tesla CEO Elon Musk Confirms 2025 Launch of $25,000 Affordable EV Model
Elon Musk reaffirms Tesla's commitment to producing affordable electric vehicles, denying reports that the company has abandoned plans for a low-cost model.
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Highlights
- Elon Musk refutes claims that Tesla is shelving its plan for a budget-friendly electric car.
- The company’s long-term vision includes producing affordable family EVs, as outlined in Tesla’s 2006 Master Plan.
- Tesla shares have declined nearly 33% in 2024, despite ongoing innovation efforts.
On Friday, Tesla's stock dipped nearly 4%, trading at $164.59, following Elon Musk's strong denial of a Reuters report suggesting Tesla had abandoned its goal to create a low-cost electric vehicle. Musk took to his social media platform X, stating, “Reuters is lying (again).”
Since Tesla’s inception, Musk has emphasized a strategy of initially targeting the premium market segment and progressively lowering prices to reach a broader audience. The 2006 Master Plan explicitly mentions the intent to develop “affordably priced family cars.”
According to Reuters, Musk confirmed during a January analyst call that Tesla aims to start production of its next-generation EV at the Texas Gigafactory in the latter half of 2025. This upcoming model, rumored to be the Model 2, is expected to have a starting price around $25,000—significantly lower than the current entry-level Model 3 by approximately $14,000.
Tesla has yet to provide an official comment on the report. Despite the recent stock decline, the company remains focused on expanding its EV lineup to include more affordable options, aligning with its mission to accelerate the world’s transition to sustainable energy.
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