Tesla to Launch Low-Cost Model in 2024, Says CEO Elon Musk
Main Ideas:
- Tesla CEO Elon Musk shared with investors that the company plans to introduce a low-cost model in 2024.
- This new affordable vehicle is aimed at competing with Chinese automakers, particularly BYD.
- By developing a low-cost model, Tesla hopes to tap into a larger market segment and increase its market share.
Author’s Take:
By announcing plans for a low-cost model, Tesla is demonstrating its commitment to expanding its reach and taking on competition from Chinese automakers. This move could not only help the EV maker gain a competitive edge but also contribute to the broader adoption of electric vehicles worldwide as more affordable options become available. As the market for electric vehicles continues to grow rapidly, Tesla’s decision to target a lower price point is a strategic move to capture a larger share of this expanding market.