Report: New Tesla Model 2 slated to cost around $25K



In this photo released by China's Xinhua News Agency, Tesla CEO Elon Musk speaks at a delivery ceremony for the first Tesla Model 3 cars made at Tesla's Shanghai factory in Shanghai, Tuesday, Jan. 7, 2020. Tesla's Shanghai factory delivered its first cars to customers Monday, and chief executive Elon Musk said the electric automaker plans to set up a design center in China to create a model for worldwide sales. (Ding Ting/Xinhua via AP)

In this photo released by China’s Xinhua News Agency, Tesla CEO Elon Musk speaks at a delivery ceremony for the first Tesla Model 3 cars made at Tesla’s Shanghai factory in Shanghai, Tuesday, Jan. 7, 2020. (Ding Ting/Xinhua via AP)

OAN Newsroom
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.

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.

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