According to Loup Ventures, Tesla is expected to unveil the Model 2 in 2024. While few details about the vehicle have been released, it is believed to be either a compact or subcompact car and is targeted to have a price of $25,000, making it Tesla’s most affordable model yet.
“Tesla will wait until 2024 to announce Model 2,” stated Loup Ventures in its 2022 Predictions letter.
“If the company announces the lower-price[d] car too early, they risk slowing sales of Model 3 while ramping capacity during what is likely to be a broader auto recession,” Loup Ventures explained.
The venture capital firm expects Tesla to provide a Model 2 preview in early 2024 and start ramping production on the new electric car design in mid-2025.
It has been reported that Tesla China is currently working on the development of the Model 2, and some speculations pointed to a possible release date in 2023. The official name of the vehicle has not been announced, with both the Model 2 and Model Q being used to refer to it.
Elon Musk did not confirm or deny the rumored name of Model I when asked about it at a virtual appearance at the 2022 B20 Summit in Indonesia, but did mention that a more economical car made sense.
Tesla already has a full schedule in 2023, including the revamp of the Model 3, a potential update for the Model Y, and the start of production for the Cybertruck at Giga Texas, with the latter potentially being the main focus in the first half of the year.