Tesla is set to introduce a more affordable version of the Model Y crossover this year, aiming to reclaim market share, particularly in China. Known as the 'E41,' this new EV will be initially manufactured in Shanghai using current assembly technology, which is expected to lower production costs by at least 20%. Following its launch, mass production is planned for 2025 across China, Europe, and North America. This announcement reflects Tesla's strategy to address competition and diversify its offerings with more economical options in the EV market.
According to unnamed sources, Tesla will launch a lower-cost model this year to try to regain lost ground in China and elsewhere.
The project, codenamed 'E41,' will be built in Shanghai at first, using existing assembly lines and technologies from current models to keep costs down.
Mass production of the shrunken down and cheaper Model Y variant will begin next year in China, with additional manufacturing in Europe and North America.
Tesla stated during its fourth-quarter 2024 results that 'plans for new vehicles, including more affordable models, remain on track for the start of production in the first half of 2025.'
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