Tesla plans to build a €25,000 electric vehicle (EV)

Tesla’s plans to build a €25,000 electric vehicle (EV) at its German plant, Giga Berlin, mark a significant step in the company’s efforts to make electric vehicles more accessible to a broader customer base. Here’s a summary of the key details:

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Tesla's plans to build a €25,000 electric vehicle (EV)
Tesla’s plans to build a €25,000 electric vehicle (EV)
  1. Elon Musk’s Announcement: Tesla CEO Elon Musk visited the Giga Berlin production plant and announced the company’s plan to manufacture a mass-market EV priced at $25,000 (approximately €25,000)【8†source】. This visit aligns with Musk’s routine checks on the progress of Tesla’s production plants and operations.
  2. Target Market: The €25,000 EV is aimed at reaching customers who are reluctant to spend more than $30,000 on a new electric vehicle. This pricing strategy is part of Tesla’s ongoing effort to make EVs more affordable and accessible【9†source】.
  3. Projected Debut and Production Concerns: Analysts at Loup Ventures anticipate that the car could debut in 2024. However, Tesla’s focus on scaling the Cybertruck at its Gigafactory in Texas and concerns about rising interest rates might delay the launch of new projects【10†source】.
  4. Design Inspiration: The design of the €25,000 car is expected to be inspired by the Cybertruck, although specific details about the design have not been disclosed【11†source】.
  5. Production Technology: In 2022, Musk mentioned that the technology needed to create such an affordable EV was not yet perfected. However, there have been advancements, notably an innovation allowing Tesla to die-cast nearly all of the underbody of the EV in one piece, which would significantly lower production costs and speed up the manufacturing process【20†source】.
  6. Expansion Plans: Tesla aims to double the capacity of the German plant to produce 1 million vehicles annually. As of the latest update in March, the plant was producing approximately 250,000 vehicles annually【21†source】.
  7. Employee Compensation: In conjunction with the announcement, Tesla informed its workers of a 4% pay rise starting in November, with additional compensation for production workers from February 2024. This decision follows previous reports that Tesla’s wages in Germany were about 20% lower than those offered under collective bargaining agreements at other carmakers【22†source】.

Tesla plans to build a €25,000 electric vehicle (EV)

This development represents a significant step in Tesla’s strategy to increase the adoption of electric vehicles by making them more affordable to a wider range of consumers. The initiative also aligns with Tesla’s broader goal of increasing vehicle deliveries to 20 million by 2030, setting a distinct target compared to competitors like Volkswagen.

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