Tesla will start selling more affordable electric vehicles (Image: Getty)
has confirmed plans to start selling “more affordable models” to motorists within just months.
The leader said the over the first half of 2025 meaning work is set to begin anytime now.
Up until now, the EV giant has with some of its vehicles among the most expensive in the sector.
A brand new Tesla in the UK will likely set consumers back around the £40,000 mark, making the move unattainable for many.
It comes after Tesla reported a year-over-year decline in vehicle deliveries in 2024 for the first time.
The new product could massively boost Tesla sales (Image: Getty)
In total, Tesla sold 1.78 million vehicles, 19,000 fewer than sold by the America marquee over the previous year.
It is could boost Tesla’s annual output by more than 60%.
This would mean firm would produce around three million cars per year and possibly open up the brand to a
In their Q4 statement, Tesla said: “Plans for new vehicles, including more affordable models, remain on track to start production in the first half of 2025.
DON’T MISS [COMMENT]
“These vehicles will utilize aspects of the next-generation platform as well as aspects of our current platforms and will be produced on the same manufacturing lines as our current vehicle line-up.
“This approach will result in achieving less cost reduction than previously expected but enables us to prudently grow our vehicle volumes in a more capex-efficient manner during uncertain times.
“This should help us fully utilize our current expected maximum capacity of close to three million vehicles, enabling more than 60% growth over 2024 production before investing in new manufacturing lines.”
Tesla boss previously stressed the importance of introducing a cheaper vehicle to the market last summer.
Speaking at the 2024 Annual Stockholder Meeting in June, Musk stressed that a cheap Model Y could be a “game changer” with millions rolling off the production line.
He explained: “You could imagine if there was…say, a Model Y that cost less than $20,000 (£16,000), it would sell like five million units.
“That’s not feasible today but figuring out ways to make more affordable vehicles is really like the game changer.”
“For most people, it’s not a question of whether they want a Tesla. They simply do not have enough money to afford one. So we have to make it affordable, that’s essential.”