Tesla has continued to lower its electric vehicle production costs, now under $35,000 per vehicle, thanks primarily to reductions in material expenses. This marks a significant decrease from $84,000 in 2017. CFO Vaibhav Taneja acknowledged that despite increased depreciation costs and challenges leading to the production of the new Model Y, efficiency improvements were achieved. All of Tesla's factories are set to start producing the Model Y simultaneously, a major operational change that has not been attempted by others in the industry.
Our journey on cost reduction continues, and we were able to get our overall cost per car down below $35,000, driven primarily by material costs.
All our factories will start producing the new Model Y next month. While we feel confident in our team's abilities to ramp production quickly, note that it is an unprecedented change.
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