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Tesla aims to release cheaper cars by 2025 after sales miss [BNN Bloomberg (Canada)]
Last tesla, inc. earnings: 4/29 04:11 pm
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US:NASDAQ Investor Relations: ir.tesla.com
The electric-vehicle maker plans to release the cheaper cars by the end of this year or in early next, well ahead of the late-2025 timing it had previously pledged. The Elon Musk-led company has been coping with a sales slump as EV demand falters. “We've updated our future vehicle line-up to accelerate the launch of new models ahead of the previously mentioned start of production in the second half of 2025. So we expect it to be more like early 2025, if not late this year,” Musk said on a call with analysts. The decision to accelerate cheaper models was welcomed by investors and overshadowed what was otherwise an ugly quarter for the EV market leader. It missed Wall Street's estimates for earnings, sales and margins, while warning of slow growth throughout the year. Tesla's shares rose 11 per cent as of 6:06 p.m. after regular trading in New York. The stock tumbled 42 per cent this year through Tuesday's close, the worst performance in the S&P 500 Index. The CEO also took a d
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