In a surprising turn of events, Tesla, the leading electric vehicle manufacturer, has reportedly scrapped its plans for a low-cost car. This decision was revealed by Martin Eberhard, a Tesla founder and former CEO, during his speech at the HSBC Global Investment Summit in Hong Kong.
The cancellation of the low-cost car, often referred to as the Model 2, represents a significant shift from Tesla’s original mission. Elon Musk, Tesla’s current CEO, had previously outlined a “master plan” in 2006 that involved using profits from luxury models to finance a “low cost family car”. The goal was to make electric cars affordable for the masses.
Martin Eberhard expressed disappointment at this development, stating, “We’ve both read in the news, Tesla delaying or eliminating their low-end Model 2 programme, which is a shame for them, but it’s a sign that China has a chance to really spread there.”
Would Tesla’s co-founder and former CEO buy one of its cars today?
We asked Martin Eberhard that and about having dinner with Elon Musk https://t.co/QlC5EGQco6 pic.twitter.com/Ti6u79CT0q
— Bloomberg (@business) April 9, 2024
The Model 2 was expected to retail at about $25,000, significantly lower than the price of Tesla’s current cheapest car, the Model 3 sedan, which retails for about $39,000 in the United States. The introduction of a more affordable model was anticipated to drive growth and expand Tesla’s customer base.
However, it’s not all gloomy for Tesla. Despite the cancellation of the low-cost car, the company plans to continue developing self-driving robotaxis on the same small-vehicle platform. This indicates that while Tesla may be stepping back from its low-cost car plans, it is not shying away from innovation and progress in other areas.
Tesla’s decision to abandon its low-cost car plans may be seen as a missed opportunity by some, especially considering the growing competition in the electric vehicle market, particularly in China. However, it remains to be seen how this decision will impact Tesla’s future growth and its commitment to making electric vehicles accessible to all.
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