Elon Musk revealed that Tesla's anticipated affordable electric vehicle is actually a more basic Model Y, not a new standalone model. This version will be in mass production by late 2025, aiming to attract buyers who want a Tesla but cannot afford one. Musk emphasized a significant demand for the vehicle countered by financial constraints faced by potential customers. This revelation follows the cancellation of an earlier model intended to be developed on a new platform, raising questions about Tesla's strategy for affordable EVs.
"The desire to buy the car is very high, just people don't have enough money in their bank account to buy it."
The new, more affordable electric vehicle the company has been touting for over a year is just the Model Y.
A stripped-down version of Tesla's bestselling vehicle is already in development and will go into volume production in the second half of 2025.
Musk canceled a previous model that was to be built on an entirely new platform, resulting in the new affordable EV being a bare-bones Model Y.
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