A source with knowledge on the matter has revealed that American automaker Tesla Inc. (NASDAQ: TSLA) is planning to build a $27,000 electric vehicle in a facility near Berlin. Tesla has long promised to deliver an affordable electric vehicle for the masses, and the upcoming EV is likely part of Tesla’s goal to make its electric cars available for the general market, not just early adopters and wealthy individuals.
The source did not specify when Tesla would begin producing the $27,000 electric car, and Tesla declined to comment on the matter. A video posted to social media site X revealed that Tesla CEO Elon Musk recently visited the production plant in Gruenheide, a municipality located 18 miles from Berlin, after attending the AI Safety Summit 2023 in London.
According to the source, Musk thanked the staff at the plant for their hard work and informed them of the company’s plans to manufacture the $27,000 electric car at the Gruenheide plant. While electric cars are slated to replace the world’s fleet of internal combustion engine vehicles over the next few decades, high prices have made mass electric vehicle adoption nigh impossible.
With most early adopters and wealthy technology enthusiasts having purchased EVs already, carmakers such as Tesla are looking to attract everyday drivers with more affordable prices. However, Elon Musk noted that the company still hasn’t mastered the technology needed to make affordable electric cars, so he shelved plans to develop a cheap, mass-market electric car.
In September, Reuters reported that a source claimed Tesla was zeroing in on an innovation that would allow it to die cast nearly the entirety of an EVs underbody in one piece. This approach would reduce production costs and speed up the rate of production. Unlike other automakers that still draw the majority of their sales from fossil fuel vehicles, Tesla only sells battery electric vehicles.
As it stands, demand for electric cars in major markets such as North America and the European Union has taken a major hit due to a faltering economy and soaring interest rates. Tesla is also facing increasingly stiff competition in China, its largest market, and has been forced to cut prices several times in a bid to stay competitive with local Chinese companies such as BYD, which are quickly eating into Tesla’s market share. Consequently, penetrating the general vehicle market will be key to the Texas-based company achieving its goal of delivering 20 million cars by 2030.
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