January 24, SAN FRANCISCO – Four persons with knowledge of the situation say that Tesla (TSLA.O), opens new tab, has informed suppliers that it plans to begin manufacturing of a new mass-market electric car called “Redwood” in mid-2025. Two of these individuals describe the model as a compact crossover.
Elon Musk, the CEO of Tesla, has long piqued the interest of investors and enthusiasts for low-cost electric cars and self-driving robotaxis, which are anticipated to be produced on more economical platforms for future generations of electric cars.
These models, which include a $25,000 entry-level vehicle, would enable it to compete with increasingly affordable EVs, including those produced by China’s BYD (002594.SZ), opens new tab, and less priced gasoline-powered vehicles.
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The last quarter of 2023 saw BYD surpass Tesla as the leading EV manufacturer globally
Musk had already declared that he would produce a car for $25,000. He then abandoned and then resurrected this proposal. The Model 3 sedan, which is presently Tesla’s least expensive model, is priced $38,990 in the US.
Musk expressed worry last year about how rising borrowing rates would affect customer demand for expensive goods like vehicles.
According to two of the individuals, last year, Tesla invited suppliers to submit “requests for quotations,” or bids, for the “Redwood” model, with a projected weekly manufacturing capacity of 10,000 cars.
Three reports stated that June 2025 will mark the start of production. Due to the secret nature of the subject, everyone talked on condition of anonymity.
An inquiry for comment from Tesla was not answered
One of the most popular questions investors posed to Tesla ahead of its quarterly results report on Wednesday afternoon was, “When will next-generation compact vehicles be released?” It is anticipated that the company will predict a 21% increase in 2024 deliveries, which is significantly less than the long-term annual target of 50% that Musk set approximately three years ago.
In May, Musk said that Tesla was developing two new products that might together sell five million cars annually. At Tesla’s annual shareholder meeting, he declared, “The production procedures and product design are head and shoulders above everything else that is currently in the business.”
Based on the same vehicle design, Tesla intends to produce an affordable robotaxi and an entry-level electric car priced at $25,000. This information comes from conversations with the CEO and executives included in Walter Isaacson’s biography of Elon Musk, which was published in September.
Musk stated in 2022 that, following several failures to reach complete self-driving capabilities, Tesla will create a specialized self-driving cab with a futuristic appearance in 2024.
He and other Tesla officials announced intentions in March of last year to lower the price of the company’s next-generation cars in half, but they did not specify when they would go on sale.
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A HONDA CIVIC REVIEW
Tesla has a history of missing its price and launch objectives, and increasing volume would take time.
For example, Cybertruck manufacturing has been sluggish to start and has been delayed. Its beginning price in the United States is $60,990, which is 50% more than what Musk said in 2019.
They have launched most of their new products with undue optimism. 2026 is more likely to see the start of volume output, according to one of the sources.
Musk stated last year that Tesla’s Texas facility will be the first to produce the entry-level model.
It will be tough to turn a profit on the less costly EVs considering the expense of batteries and the ongoing challenges in building high-quality, low-cost cars.
According to two different reports, Tesla demolished a Honda (7267.T) and opened a new tab Civic, which begins at $23,950 in the US, in order to investigate how to produce automobiles at a lower cost.
One of the first sources and the two individuals said that two or more models will be part of the next generation Tesla architecture, officially dubbed “NV9X.”
According to earlier reports, Tesla is interested in establishing a facility in India to create less priced electric cars, and it also intends to build cheaper automobiles at its manufacturing near Berlin.
The manufacturer of EVs also operates plants in Fremont, California, and Shanghai.
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