UPDATED 6:22 PM PT – Friday, July 2, 2021
New reports have said a new Tesla electric car is in development with a substantially reduced price tag. Called the Model 2, the car is described as a compact hatchback and is expected to go on sale worldwide in 2023.
However, the price is garnering the most attention with a tag estimated at around 21,000 euros, placing it at $25,000. This marks a significant shift away from the premium EV market where a Model 3 is priced at nearly 41,000 euros or more than $48,000.
— Autocar (@autocar) June 28, 2021
This comes thanks to a new type of battery technology being developed by Tesla, claiming to reduce manufacturing costs by 50 percent while providing five times more energy.