Published , by Donovan Erskine
Published , by Donovan Erskine
Tesla has long been rumored to be working on a line of electric vehicles tailored toward the mass market. In fact, it’s an idea that CEO Elon Musk has toyed with in the past. Now, new reports suggest that the company is taking the first steps toward bringing this idea to fruition, with the “affordable” EVs potentially going into production in 2025.
A report from Reuters alleges that Tesla has informed suppliers that it plans to start production on a new line of EVs, codenamed “Redwood,” in 2025. The vehicle is described as a “compact crossover,” and the report goes on to state that this new line of vehicles will include an entry-level car priced at $25,000. This would corroborate a report from last year about Tesla wanting to produce a similarly priced car at a proposed new factory in India.
This news comes just hours before Tesla is set to share its earnings results for the latest financial quarter. While it’s unlikely, we’re curious to see if anything related to Project Redwood is mentioned in the report or during the subsequent earnings call.
If the rumors surrounding Project Redwood are true, then we could hear an official announcement later this year. Make Shacknews your home for everything Tesla-related.