Citing anonymous sources familiar with the project, Reuters reported Thursday that Tesla is developing a new compact SUV model that would be priced below its other electric vehicles, including the $36,990 Model 3.
It’s too early to say whether the project will make it to the production stage or what the timeline might be for such a vehicle. But if true, it indicates that the company would be looking to expand its portfolio with an eye toward addressing pricing pressures and increased competition in the EV market. Chinese companies such as BYD have made global strides in quickly developing inexpensive EVs that have challenged the world’s top EV makers abroad.
A representative for Tesla did not immediately respond to a request for comment.
According to the report, production of a new Tesla vehicle might be done in China, with some expanded production in the US and Europe. It would be smaller than Tesla’s
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