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Elon Musk confirms…
Tesla plans to launch its next generation EV in 2025.
It’s expected to be priced at just $25,000 – with initial production at Giga Texas.
The new EV has been referred to as the Model 2. And we just discovered that it’s codename is “Redwood.”
Here’s an image showing what the new compact EV might look like…
Tesla plans to begin production next June.
Suppliers say that Tesla expects to begin production at 10,000 EV’s per week, according to Reuters.
That would translate into over 500,000 EVs per year.
There are 3 important take aways…
1. Model Y is the world’s #1 selling car
Tesla sold 1.2 million Model Ys last year.
That makes it the bestselling car in the world – including EVs and gas-powered cars.
That’s’ remarkable for a car with a starting price of $44k.
2. Tesla’s market share is soaring
Old school automakers are cutting back on EV plans.
Yet Tesla saw production jump 35% last year – to 1.8 million cars.
Tesla now sells 2% of TOTAL new cars in China… 3% in Europe… and 4% in the U.S.
The growth here is remarkable.
3. There’s huge demand for a $25k Tesla
Tesla’s Model 3 is currently the “entry level” model. Yet it still sports a starting price of $35,990.
That’s expensive for lots of car buyers.
The Toyota RAV4 starts at $28k. The Toyota Camry is $26k. And the Honda Civic is $24k.
Tesla wants to compete in this market.
I bet a $25k Tesla could sell over 2 million cars per year. And this new EV will be the big growth catalyst.
Ian Wyatt
P.S. Would you buy Elon’s new $25k EV?