One of Tesla’s biggest downsides has always been the upfront cost of its electric vehicles versus gas models. The cheapest car it currently sells is $42,490 before subsidies, and the average Kelley Blue Book starting price of its 2024 models is just over $63,000.
Tesla wrote in its third-quarter disclosure report that it’s making “preparations” to offer new vehicles with “more affordable models.” The EV maker’s cost of goods sold per vehicle also came down to “its lowest level ever” at $35,1000.
“Plans for new vehicles, including more affordable models, remain on track for start of production in the first half of 2025,” the report reads. “These vehicles will utilize aspects of the next generation platform as well as aspects of our current platforms and will be able to be produced on the same manufacturing lines as our current vehicle line-up.”
Tesla also says it plans to “begin launching” its cheaper EV models “in the first half of 2025.” That wording is still fairly loose, so there’s no guarantee that a new model will ship the same year.
The other surprise in Tesla’s report came from the numbers. It turns out that despite setbacks like the Cybertruck’s fifth recall and a federal investigation into its EVs’ Full Self-Driving feature, Tesla had a fairly robust third quarter. The carmaker’s net income rose by 8 percent to $2.51 billion and sales rose by 2 percent year-over-year. The news also ends its four-quarter streak of missed earnings targets.
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