Elon Musk promises cheap $25k Tesla within a YEAR - boosting share price by 11% even after EV...

Tesla 's first-quarter revenue was $21.3 billion - down 9 percent on last year. Investors reacted well to its promise to bring affordable EV production forward

Musk confirmed a smaller Tesla model - which is expected to cost around $25,000 - will be on the roads by either late 2024 or early 2025. It marked an acceleration from its previous target of the second quarter of next year. In after-hours trading Tesla's share price was up almost 10 percent after the company made assurances of affordable cars in the near future

It also said it would bring forward the production of more affordable cars, critical if the company is to scoop up a lucrative share of the mass market.'We’ve updated our future vehicle lineup to accelerate the launch of new models.' Exacerbating concerns among investors was that the company reportedly canceled its project to build the 'Model 2.' The car was rumored to cost around $25,000 and for many analysts was a vital product for Tesla to crack the mass market.

They are now producing cars for as little as $10,000 - around a third of the price of the cheapest electric car available in the US.Chinese EV maker BYD recently released the Seagull, which costs $9,700 in China. Tesla recently scrapped its plans to make a cheap 'Model 2' car for the mass marketTesla cut the starting price of the Model 3 in China by 14,000 yuan, or $1,900, to 231,900 yuan, or $32,000, its official website showed on Sunday.

Source: News Formal (newsformal.com)

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