Tesla is seeking to speed up production of its “more affordable” electric vehicle, a move to increase sales.
The company announced it has updated its future vehicle lineup ahead of its scheduled start of production, which had been set for the second half of 2025. In this future lineup will be “more affordable models,” which will be built on the same manufacturing lines Tesla uses for its current vehicle lineup.
Tesla CEO Elon Musk said these cheaper models could hit the market sometime in early 2025 and possibly even be released this year.
The car manufacturer acknowledged that this acceleration of production could lead to lower cost reduction but that this was an exchange to uptick its vehicle output. Tesla specified that this will fully utilize its maximum capacity of close to 3 million vehicles, which would allow for over 50% growth from its production last year.
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Tesla’s announcement comes after Musk denied reports that the electric car company has abandoned its efforts to create a “low-cost family car.” The report claimed this move was going to be made to focus on Tesla’s self-driving taxi.
On Tuesday, Tesla announced it would be cutting 6,020 jobs across California and Texas, with the layoffs effective June 14. These layoffs are likely part of Tesla’s plan to let go of more than 10% of its global workforce, which the company announced this week.
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