We know that Tesla has been working on a model targeting the budget-friendly electric car market for some time. Expected to cost around 25 thousand dollars, the development date for this electric vehicle may have finally been revealed. How will Tesla fight with competitors like BYD? Here are the details.
Affordable Tesla Model could be introduced in mid-2025
According to reports emerging in Reuters, Tesla has upshifted gears for its affordable vehicle. Sources close to the company claimed that it is preparing to launch its new model in 2025. The model, codenamed “Redwood”, is described as a compact crossover vehicle.
Tesla has been working for a long time to compete with cheap electric vehicles from competitors such as gasoline and BYD. This model, which is expected to be at the entry level and push the 25 thousand dollar level, is expected to enter production in 2025 and 10 thousand units are expected to be produced per week.
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If this production scale is reached, Redwood will become crucial for Tesla to reach its 50 percent annual growth target. This move actually comes after BYD overtook Tesla to become the world’s largest electric car manufacturer.
Earlier reports showed that Tesla CEO Elon Musk traveled to Gigafactory Berlin in Germany and inquired about the affordable model. Accordingly, Musk told his employees that more share of the low-cost electric car market is needed.
This model will also challenge Chinese brands such as BYD, Nio and MG, which are increasing their sales in Europe. BYD has even started operations in our country.
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