'Model 2' is still on deck for 2025
- by MarketWatch
- Oct 23, 2024
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Investors hoping to hear an update on Tesla's affordable EV were not disappointed.
In the letter to shareholders, Tesla said that "plans for new vehicles, including more affordable models, remain on track for start of production in the first half of 2025."
Tesla also reaffirmed that the cheaper vehicle, dubbed the "Model 2," will use components from Tesla's next-generation platform as well as the current platform, and will be produced "on the same manufacturing lines as our current vehicle lineup."
"This approach will result in achieving less cost reduction than previously expected but enables us to prudently grow our vehicle volumes in a more capex efficient manner during uncertain times," the EV maker said.
"This should help us fully utilize our current expected maximum capacity of close to 3 million vehicles, enabling more than 50% growth over 2023 production before investing in new manufacturing lines," it said.
Andres Sheppard at Cantor Fitzgerald said the team was "encouraged" by Tesla's margins and EPS beat, and also "by the company reaffirming that plans for start of production of lower cost vehicles are on track" for the first half of next year.
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