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The affordable Tesla has been in the news for a long time. This vehicle should allow the manufacturer to boost its growth, as well as its competitiveness against Chinese manufacturers, including its big rival BYD. And the good news is that this affordable electric vehicle is still relevant. Tesla has just presented its financial results for the last quarter of 2024 and, in the presentation of these results, the manufacturer announces that preparations are underway in its factories for the launch of new products in 2025, including more affordable vehicles.
More specifically, Tesla plans to start production of its new vehicles, including affordable models, in the first half of 2025. The manufacturer also indicates that these vehicles will use a new platform, while retaining certain aspects of the current platform. And they will be produced on the same lines as existing models.
“This approach will result in less cost reduction than previously anticipated, but will allow us to prudently increase our vehicle volumes in a more capital-efficient manner during uncertain times,” Tesla said. It plans to first utilize the maximum production capacity of existing facilities, which will increase production by 60% compared to 2024, before opening new lines.
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The results for the last quarter were very disappointing. Despite a slight increase in revenue, net income was down 70% year-on-year. And revenue from the automotive business was down 8%. But Tesla is counting on the launch of these new models, as well as autonomous driving, to revive the growth of this automotive branch.
“With advances in vehicle autonomy and the introduction of new products, we expect the vehicle business to return to growth in 2025. The growth rate will depend on a variety of factors, including the rate of acceleration of our autonomy efforts, the production ramp at our factories, and the broader macroeconomic environment,”, the earnings presentation reads.
Indeed, Tesla finally plans to launch “unsupervised FSD,” its autonomous driving system, in the United States this year. It also says it is working on launching FSD, the driver assistance feature currently available in the United States, Europe and China.
- Affordable Tesla car is coming: automaker says preparations are underway to start production
- Tesla plans to start production of new models, including affordable ones, in the first half of the year
- The automaker reported poor quarterly results, but is counting on new models and driver assistance features to boost growth
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