VCR - Tesla Reportedly Scraps Low-Cost Car Plans Elon Musk Denies Story | Benzinga
Tesla, Inc (NASDAQ:TSLA) stock is trading lower Friday following reports of the EV maker dumping its low-cost vehicle plans amid China competition.
According to a Reuters exclusive report, Tesla has canceled production of its much-anticipated affordable car, which veers away from CEO Elon Musk’s original mission to create electric vehicles accessible to a broader audience.
This decision dampens hopes for expanding Tesla’s market reach and signifies a shift in focus toward developing self-driving robotaxis on the same vehicle platform, the report adds.
Interestingly, Musk challenged the credibility of the report in his latest tweet.
Reuters is lying (again) — Elon Musk (@elonmusk) April 5, 2024
Also Read: Tesla Struggles with Delivery Goals and AI Tech Expectations, Analysts Adjust Financial Forecasts
Musk’s vision, outlined in his 2006 master plan, involved using profits from luxury models to fund the development of a cost-effective family car.
Despite previous assurances from Musk ...