Kingsview Wealth Management CIO Scott Martin joins the “Big Money Show” to analyze the financial impact of Elon Musk’s latest promise of “affordable” Tesla cars.
Tesla CEO Elon Musk The EV maker said it plans to introduce a new, more affordable model in early 2025, after the status of its long-discussed plans for a low-cost EV in its lineup became unclear recently. .
Earlier this month, Musk cited sources familiar with the company’s plans and internal documents indicating that Tesla had scrapped plans to launch a $25,000 electric vehicle (often referred to in the press as the Model 2). denied the Reuters report. However, Tesla has not disclosed the name.he provided the summary Tesla’s affordable EV plan He said this in his opening remarks at Tuesday’s financial results conference.
“In terms of our new product roadmap, there has been a lot of talk in recent weeks about our upcoming vehicle lineup,” Musk said. “We have updated our future vehicle lineup to accelerate the launch of new models ahead of the aforementioned production start in late 2025. As such, we expect to be closer to early 2025, if not later this year.” I expect it to be.”
“These new vehicles, including more affordable models, will utilize some as well as next-generation aspects of our current platform and will be able to be produced on the same manufacturing lines as our current vehicle lineup.” added Musk.
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Tesla plans to launch a new low-cost EV next year, with production expected to begin in early 2025. (Justin Sullivan/Getty Images/Getty Images)
“Therefore, it is not a condition of new factories or large new production lines,” he explained. “This will be manufactured more efficiently on our current production lines, and if this is fully realized, we believe we can achieve a production capacity of over 3 million units.”
Musk didn’t elaborate on the potential price range for the new car during the call, so for now, it’s unclear whether it will be priced at or near the previously discussed $25,000 threshold. , or whether it will be closer to Tesla’s most affordable Model 3 is unclear. Prices start at approximately $39,000.
| ticker | safety | last | change | change % |
|---|---|---|---|---|
| TSLA | Tesla Inc. | 162.13 | +17.45 | +12.06% |
The company warned that its plans to use some of its current and next-generation platforms may result in “less cost savings than previously anticipated.”
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Musk said Tesla will share more information about its affordable EV plans when it unveils robotaxi on August 8th. (David Paul Morris/Bloomberg via Getty Images/Getty Images)
Mr. Musk and other Tesla executives declined to go into detail about plans for affordable EVs, but Mr. Musk said during an earnings call that the company plans to announce robotaxi vehicles on August 8th. I will talk in detail.”
Investors, some spooked by reports that Tesla would withdraw from plans to make low-cost EVs, have reignited interest in the company’s stock as of 2:30 p.m. ET on Wednesday. The stock price rose more than 11%.
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In response to Tesla’s weak sales in the first quarter, the company lowered the prices of some of its flagship models. (Joe Radle/Getty Images/Getty Images)
These gains boost the company’s stock price by about 35% in 2024, after Tesla reported weak first-quarter sales as it faced intense price competition from China-based EV makers. It will fall.
Tesla has lowered the prices of its flagship models in the U.S. and other global markets in an effort to stimulate demand.
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