Tesla Plans New Mass-Market EV in Mid-2025, Reuters Says

Tesla Inc. has told suppliers it wants to start production of a new mass-market electric car in mid-2025, Reuters reported, citing people familiar with the matter.

The US automaker sent “requests for quotes,” or invitation for bids, for the model codenamed “Redwood” to suppliers last year, and forecast weekly production of 10,000 vehicles, Reuters reported. The model was described as a compact crossover.

Chief Executive Officer Elon Musk first promised to build a $25,000 EV in 2020, before putting off the plan. Tesla’s cheapest car, the Model 3 sedan, starts at $38,990 in the US.

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