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Tesla’s Next-Gen EV Could Cost Half the Price of a Model 3

Tesla's Latest Promise is Affordable EVs (Again)

Tesla Model Y shadow

This week Elon Musk revealed new details on Tesla’s next-gen electric vehicle platform that will follow the current Model 3 and Model Y. Following Tesla’s 2022 Q3 earnings call, the CEO and his execs promised more affordable cars, with the next release being “probably about half the cost of the Model 3.”

For years on end, Tesla has mentioned plans to make cheaper electric vehicles. The Model 3 was supposed to be affordable, and during the Cybertruck unveiling, the company claimed it would start at $39k. As you’re all probably well aware, the price of electric vehicles has steadily increased over the last two years, and Tesla recently confirmed big Cybertruck price hikes are coming.

Basically, the company once again promises cheaper cars are on the way. However, this time we could see it happen. During an investor call, when asked about lowering prices, here’s what Elon Musk had to say:

“It’s the primary focus of our new vehicle development team, obviously. At this point, we are done with engineering for Cybertrucks and for Semi. So, it’s obviously what we’re working on, the next-generation vehicle, which will probably be about half the cost of the 3 and Y platforms.”

For those unaware, Tesla managed to lower costs by around 50% when it shifted from its first EV platform (Model S/X) to the second platform currently producing the Model 3 and Y. However, even with those cost-saving measures, the Model 3 only sold for the promised $35k for a short while, and now you can barely find one for under $50,000.

So, how will Tesla make its next-gen vehicle around 50% cheaper than it currently offers? Well, we’re not entirely sure. During the call, Elon Musk did say, “It will be smaller, to be clear.” Other executives said something similar, mentioning that its next vehicle will be smaller.

Further in the conversation, Elon Musk said, “We’re going to take everything we learned from models S, X, 3, Y, Cybertruck, and Semi” and combine them into the next-gen platform.

Interestingly enough, earlier this year, Tesla said it wasn’t working on a $25,000 car, which we’ve heard rumors about for years. However, now that the Cybertruck development is done, it looks like the company is shifting gears and looking ahead.

This isn’t the first time we’ve heard such a promise, so take it with a grain of salt. With Tesla’s development team focusing primarily on an affordable next-gen vehicle platform, we’ll have to wait and see. It’s worth mentioning that last month one Tesla exec said we shouldn’t expect the next platform until at least 2024.

via Electrek

Cory Gunther Cory Gunther
Cory Gunther has been writing about phones, Android, cars, and technology in general for over a decade. He's a staff writer for Review Geek covering roundups, EVs, and news. He's previously written for GottaBeMobile, SlashGear, AndroidCentral, and InputMag, and he's written over 9,000 articles. Read Full Bio »