When Reuters reported in April that Tesla had scrapped plans for a long-promised, next-generation US$25,000 (S$33,300) electric vehicle, the automaker's stock plunged. Chief Executive Elon Musk rushed to respond on X, his social media network. 'Reuters is lying,' he posted, without elaborating. Tesla's stock recovered some of its losses.
Tesla CEO and X owner Elon Musk rides in Tesla's robotaxi at an unveilling event in Los Angeles, California, US on Oct 10, 2024 in this still image taken from video.When Reuters reported in April that Tesla had scrapped plans for a long-promised, next-generation US$25,000 electric vehicle, the automaker's stock plunged. Chief Executive Elon Musk rushed to respond on X, his social media network.
The April 5 Reuters article reported that Tesla had abandoned plans for an all-new, affordable mass-market EV but still planned a self-driving robotaxi. Since then, Musk has increasingly touted plans for robotaxis and autonomous vehicles.On the October earnings call, Musk said that Tesla does plan a "US$25K car" — its "Cybercab," a two-door, two-seat, fully autonomous vehicle. Musk unveiled a prototype at a Hollywood-style event on Oct 10.
For several years, Tesla had a goal of producing 20 million vehicles a year by 2030, more than tenfold what it sells now and nearly double that of Toyota, the current global sales leader. In May, Tesla dropped the 20-million goal from its latest "impact report" on progress toward sustainability goals.
In January, Musk described the all-new model as requiring "new revolutionary manufacturing technology." But in April, after Reuters reported Tesla had scrapped the Model 2, Musk outlined a plan for "more affordable" models that could be produced "on the same manufacturing lines" as current Teslas.
Some investors viewed Musk's comments on the Cybercab — along with displays of an autonomous 'Robovan' concept and humanoid robots — as short on concrete details about the products. Tesla hasn't said whether the Cybercab will feature new self-driving technology beyond the company's "Full Self-Driving" feature in its current vehicles. Its existing models can't fully drive themselves and require a human driver paying strict attention.
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