Tesla scraps low-cost car plans amid fierce Chinese EV competition, report says

tesla china — (BLOOMBERG)

R

By:

Reuters

April 05, 2024 03:30 PM

Tesla has canceled the long-promised inexpensive car that investors have been counting on to drive its growth into a mass-market automaker, according to three sources familiar with the matter and company messages seen by Reuters.

Featured Stories

Tariffs already hurting vehicle affordability as more price hikes loom

Despite discounts by automakers such as Ford and Stellantis, the average new-vehicle price rose 2.5 percent in April, and more increases are expected.

Michael Martinez

Tariffs already hurting vehicle affordability as more price hikes loom

Tariff costs, policy uncertainty prevent suppliers from investing in the U.S., MEMA says

Tariff costs, policy uncertainty prevent suppliers from investing in the U.S., MEMA says

Kia technician training program for veterans helps dealership boost productivity

Kia technician training program for veterans helps dealership boost productivity

$11 billion tariff tsunami poised to wash over Japanese automakers looking to boost U.S. output

$11 billion tariff tsunami poised to wash over Japanese automakers looking to boost U.S. output

Latest News

Nissan mulls plant closings in Japan and Mexico, reports say

Musk took leased cars back so Tesla could use them as robotaxis. Instead, Tesla sold them

Aurora bringing back human backups to self-driving trucks after Paccar spat

Daily 5 report for May 16: Stellantis’ to-be-announced CEO will need to fix this, fast

Staying current is easy with newsletters delivered straight to your inbox.

See More in Automakers

Top 5 stories of the week: Chinese cars expected to hit U.S. market; Ford job cuts

Japanese automakers face $19B hit from Trump’s tariffs

Yugo shows model of small car planned for 2027 production start

VW dealers, after stop-sale orders, left waiting to sell ID Buzz. Again

Staying current is easy with newsletters delivered straight to your inbox.