Wednesday, July 24, 2024

Tesla is working on new electric vehicle platform, half the cost of Model 3/Y

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Tesla just released Q3 2022 results with unexpected results. Tesla shares are down nearly 6% in pre-market but there is a lot of good news especially regarding the company’s upcoming plans.

Elon Musk says his engineering team is working on a next-generation EV platform. The company’s upcoming vehicle platform will be the third after the large ones supporting the Model S and X and the compact ones used by the Models 3 and Y.

Musk said that the next platform will be smaller than the Model 3/Y platform and about half the cost. Musk said there was no firm date for the launch yet, it was “the main focus of the new vehicle development team.” The Tesla CEO ended by saying that the new car would be smaller.

“The next generation vehicle will be about half the cost of the 3/Y platform and it will be less. In my opinion, definitely outpacing the production of all the other vehicles combined.” Musk said

With Cybertruck and Semi ready to go into production. The engineering team can focus on developing the new platform, as long as they are not diverted to optimus robot development.

Musk’s comments have clearly sparked discussion of another $25,000 Tesla EV. While the production cost of the smaller model is expected to be half that of the Model 3/Y, that doesn’t mean the vehicle will be priced 50 percent less than the Model 3, which currently starts at $48,490 in the US. However, given the cheaper platform, smaller dimensions, and economies of scale, it should significantly undercut the Model 3.

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