Elon Musk has confirmed a new low-cost Tesla model is on the way – and it’ll be here by 2025.
“We’ll be sleeping on the line practically,” he said about what it will take to get it produced on time.
But he’s “optimistic” that they can make the deadline.
And Tesla’s stock is only going up – as is that of the world’s soon-to-be first trillionaire.
A financial expert recently revealed how much $1,000 invested in Tesla stock today may be worth in 2027.
Per Musk, the “next-generation low-cost” Tesla EV will arrive by the second half of next year.
“Our current schedule shows that we will start production towards the end of 2025, sometime in the second half,” he said.
In an earnings call earlier this month, he promised “a revolutionary manufacturing system” for the vehicle.
He promised that this system is far more advanced than any others in the world by a “significant margin.”
Per Reuters, the new vehicle will be a small crossover codenamed “Redwood.”
Requests were reportedly sent out to suppliers for quotes from Tesla.
They have made a seemingly optimistic forecast that they can make 10,000 units per week.
This news follows comments from Musk that Tesla were working on two new EV models.
He hopes the two EVs combined could sell up to five million per year, with production starting slowly before ramping up.
The vehicle will be built in Tesla’s Austin, Texas Gigafactory to start with.
Production of the new EV would spread to other locations at a later date.
Musk boasted that Tesla’s new manufacturing technique alllows “record numbers” of cars to be made.
So far Musk has been uncharacteristically on the money when it comes to his predictions.
In an explosive interview with the New York Times a few weeks ago, he said the Model Y would be the best-selling car of 2023.
And he was right.
He also shared why: “You have to copy the machine that makes the machine that makes the machine… manufacturing inception.”
Musk also admitted that his optimistic production forecast “should be taken with a grain of salt”.
“I’m often optimist… regarding time,” he admitted.
If the history of the Model 3 shows anything, the next-gen model may arrive on time at a higher price.
But it may take some time for the price to come down.
And the Tesla Model 3 was spotted weathering a literal storm earlier this month, plowing through flooded waters while other vehicles were left stranded.
Some of the images used for this article were created using AI