Tesla is abandoning their plan for a $25,000 EV

[NickB79]

https://www.reuters.com/business/autos-transportation/tesla-scraps-low-cost-car-plans-amid-fierce-chinese-ev-competition-2024-04-05/?fbclid=IwAR0QdykjowjkA8Ndy88VIuwO4vpoDAuMp4CgHslppZBGAEWub6Hq8x3NVpk

April 5 (Reuters) - Tesla has canceled the long-promised inexpensive car that investors have been counting on to drive its growth into a mass-market automaker, according to three sources familiar with the matter and company messages seen by Reuters.
The automaker will continue developing self-driving robotaxis on the same small-vehicle platform, the sources said.
The decision represents an abandonment of a longstanding goal that Tesla(TSLA.O) Elon Musk has often characterized as its primary mission: affordable electric cars for the masses. His first “master plan" for the company in 2006 called for manufacturing luxury models first, then using the profits to finance a “low cost family car.”

Stick a fork in him, he's done.

[Submariner]

1. Environmentally conscious EV buyers

don’t want their neighbors giggling at them while complimenting them with a “Hey nice MAGA-Tesla you’ve got there Ken….snicker…snicker”.

[BootinUp]

2. One of his biggest fans was just saying to me that he has done everything

he said he would and he deserved the 56 billion or whatever the amount was.

But this does not surprise me in the least.

[Voltaire2]

3. BYD is two or three years ahead of Tesla

for delivering low cost ev cars. Tesla wasted resources on their idiot cybertruck.

[Wonder Why]

6. In a couple of years, all they'll get for the cybertruck is $25K.

[SunSeeker]

10. Yup. And BYD will stay ahead, since Tesla is throwing in the towel on affordable EVs.

The Cybertruck was Musk's stupid vanity project. Tesla loses $40k on each Cybertruck sold. https://www.thestreet.com/electric-vehicles/here-are-all-the-issues-with-elon-musks-cybertruck-#:~:text=Munster%2C%20however%2C%20said%20that%20at,they%20intensely%20scale%20up%20production.

[tinrobot]

4. Seems like they'll still produce it, but as a "robotaxi" (whatever that means)

I suspect they can't get the price down to $25K.

So, tack on some self-driving hardware and sell it for double or triple the price. If they eventually get costs down, maybe release it as a car

[Voltaire2]

7. That bit from Musk is flat out delusional.

FSD is absolutely nowhere near the capabilities required for a driverless taxi system.

[Carlitos Brigante]

5. That's shocking! It's not like a certain someone has ever over promised before.... nt

[edhopper]

8. I doubt there was ever a real plan

Just more of Musk's BS. The man always promises what he can't deliver. Thase investors were fools.

[flvegan]

9. That's not entirely true, though.

For whatever reason (Musk, quality control, stigma), the Model 3 depreciates to around that price point in just a couple years.

Congrats, Tesla! $25,000 EV sedan (just not new from them).