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Elon Musk: Tesla is Working On a Car “Half the Cost” of a Model 3

Elon Musk, the CEO of Tesla, claims that work is being done on a more affordable next-generation electric vehicle.

The technical department at Tesla has moved its attention to the company’s next platform. During the company’s investor call to discuss the third quarter’s financial results on Wednesday, CEO Elon Musk said that the Texas-based manufacturer had its best talent working on a future model that would cost around half as much as the Tesla Model 3 and Model Y.

Musk said, “We don’t give specific dates, but it’s definitely our new vehicle development team’s top priority. “We have completed the engineering for Semi and Cybertruck at this time.

Therefore, it should come as no surprise that you already know what we’re working on: a next-generation car that will cost around half as much as the 3 and Y platforms. Despite being smaller, it will undoubtedly produce more than all of our other vehicles put together.”

It’s not the first time we’ve heard rumors regarding a less expensive Tesla. During the September 2020 Battery Day event, Musk promoted the notion of a $25,000 “totally autonomous” EV and promised to release it by the end of 2023. In contrast, as of Tesla’s earnings call in January 2022, the engineering on its less expensive car had not yet begun.

In January, Musk said, “We’re not actively working on the $25,000 automobile. “We will at some time. We already have too much to do. honestly, we have too much on our plate.

In a 2018 interview with tech YouTuber Marques Brownlee, Musk again brought up the notion of a $25,000 car, estimating that it would take the business three years to complete development. Given that work barely started this year, if the timeframe is still valid, Tesla’s next-generation EV may not really be released until 2025 or later. We’re not exactly holding our breath for this one any time soon, considering Tesla’s history of slack schedules with new products and their claimed prices (particularly with inflation pushing up component costs).

Elon Musk Tesla
SpaceX owner and Tesla CEO Elon Musk speaks during a conversation with legendary game designer Todd Howard (not pictured) at the E3 gaming convention in Los Angeles, California, U.S., June 13, 2019. REUTERS/Mike Blake

For comparison, the price of the Model 3 varies from $46,990 to $62,990, therefore “half” the price may be as high as $32,000. Given the CEO’s hedging that the price would be “approximately” half as much, one may anticipate a price point of around $35,000, or about the same as what the Model 3 was first anticipated to cost.

Updates to Other Products

Soon, business customers will start receiving the much anticipated Tesla Semi. Despite being three years later than initially anticipated, its first deliveries are now planned for December, which allows Tesla to start developing the Cybertruck.

The Cybertruck has reportedly reached the tooling phase of manufacturing and is on schedule for 2023 production, according to prior reports.

This means that the final design adjustments from the 2019 concept have most likely been made. Teslarati claims, based on information from inside the company, that Cybertruck batteries will be produced at the Fremont facility.

There will also be some software modifications. The 160,000 participants in Tesla’s now-expensive FSD Beta program will first hear some encouraging news. The majority of those participants really have access to the function right now, but that is about to change.

The manufacturer has been quite selective about who gets access to it and when. By the end of the year, FSD Beta will be widely available, greatly expanding the number of drivers who have access to Tesla’s most contentious (both in name and in practice) software.

Similarly, Tesla may soon revive its shuttered recommendation program. Although there hasn’t been any official word on this front, someone who reverse-engineered the code for Tesla’s iOS app found some back-end code references to the referral program (along with additional prizes) in the app’s most recent version.

Despite all of Tesla’s thrilling updates, many supporters and detractors remain doubtful about how soon the company can deliver on its promises.

When it comes to predicted timescales, the manufacturer has a reputation for being a little off. With more battery-electric competition on the horizon over the next several years, Tesla will need to move rapidly to maintain its dominance in its various niches.

Source: The Drive

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Written by Alex Bruno

Freelance space writer Alex Bruno specializes in covering China's quickly expanding space industry. In 2021, he started writing for SpaceXMania. He also contributes to publications including SpaceNews, IEEE Spectrum, National Geographic, Sky & Telescope, and New Scientist. When Alex was a small child, he first experienced the space bug after seeing Voyager photographs of alien planets in our solar system. When not in space, Alex likes to go trail jogging in the Finnish countryside.

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