The Gigafactory Shanghai is pumping out Model 3 and Model Y vehicles, and Tesla Inc (NASDAQ: TSLA) is thinking about the next vehicle to add to its lineup.
During Tesla’s battery and investor day in September 2020, CEO Elon Musk talked about the future introduction of a more affordable $25,000 Tesla.
He said he hoped the car would be available within three years. Now in a video covered by Teslarati, Tom Zhu, Tesla China president, said the $25,000 vehicle will be designed and produced in China and sold worldwide.
This represents the first Tesla R&D center outside of the U.S.
“The center is in Tesla Gigafactory Shanghai, where we are now. We are now building our China R&D center right here,” Zhu said from Gigafactory Shanghai.
Last week, Tesla received approval for a “new model early launch project.”
Benzinga’s Take: Tesla’s goal is to advance the use of sustainable energy, and there is no better way to do that than making more affordable green products.
Although Musk said the company aimed to release the lower cost model within three years, it could have been a conservative estimate.
The Model Y launched earlier than estimated, and the new Plaid Model S is set to be released six to nine months earlier than previously stated.
Photo courtesy of Tesla.
© 2021 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.