One of the most significant drawbacks of Tesla has always been the high initial price of its electric vehicles compared to gasoline models. The cheapest car currently available costs $42,490 without subsidies, while the research firm Kelley Blue Book reports that the average price of 2024 models is slightly over $63,000.
However, the company is working to address this issue and promises to delight fans soon. In its third-quarter disclosure report, Tesla stated that it is “preparing” to offer new vehicles with “more affordable models.” The production cost of electric vehicles has also dropped to the “lowest level in history” — $351,000.
“Plans for new vehicles, including more affordable models, remain on the agenda for production to begin in the first half of 2025,” the report states. “These vehicles will utilize aspects of the next-generation platform as well as features of our current platforms, and they can be produced on the same production lines as our existing vehicle lineup.”
Tesla also mentions that it intends to “start releasing” its cheaper electric vehicle models “in the first half of 2025.” This phrasing remains quite vague, so there’s no guarantee that the new model will launch in that year.
Another surprise in Tesla's report was the figures. It turns out that despite setbacks such as the fifth recall of the Cybertruck and a federal investigation into the Full Self-Driving feature of its vehicles, Tesla had a relatively strong third quarter. The automaker's net profit rose by 8% to $2.51 billion, and sales increased by 2% compared to last year. This news also ends a four-quarter streak of unmet profit targets.
Source: Engadget
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