If you’ve been holding off buying a new EV while you wait for Tesla to take the wraps off of its compact crossover, you might have to wait a little while yet. That’s after a new Reuters report claimed that Tesla will start to build its new EVs in the middle of 2025.
Tesla has reportedly told suppliers that it wants to begin production of a new mass-market EV, codenamed Redwood, in the mid-2025 timeframe.
The people speaking with Reuters claim that the EV in question is the compact crossover that people have been waiting for.
Reuters suggests that the price point will likely be around $25,000 in an attempt to better compete with cheaper traditional gas-powered cars while also being competitive with cheaper EVs that are beginning to launch from companies like China’s BYD. CEO Elon Musk previously targeted the $25,000 price point back in 2020 but the plans have been in flux ever since.
Musk said in May that Tesla was working on two new products, with the potential for combined sales of 5 million vehicles a year. “Both the design of the products and manufacturing techniques are head and shoulders above anything else that is present in the industry,” he said at Tesla’s annual shareholder meeting.
The Model 3 is currently Tesla’s cheapest EV and starts at a little under $39,000 in the United States and Musk has previously said that he is concerned that demand on big-ticket items like cars is waning due to high interest rates.
The Vision Pro will officially go on sale on February 2 and Apple is reportedly already working on a cheaper version although that’s expected to be years away from release.
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