Tesla Hints at Affordable Model Y to Capture Sales Momentum
Tesla has teased a potential announcement of a more affordable Model Y, aiming to maintain its sales momentum. Despite previous delays, this model is expected to be 20% cheaper to produce and could significantly increase the company's U.S. sales by 2026.
Tesla is gearing up for an anticipated announcement on October 7, sparking speculation about a more affordable Model Y. This move has already lifted the company's shares by 3% in early trading. The speculations were fueled by a nine-second teaser video shared on the platform X, hinting at an event scheduled for Tuesday.
The electric vehicle maker has faced delays in rolling out a cheaper version of the Model Y in the U.S., initially projecting sales in the fourth quarter. This new version is expected to reduce production costs by roughly 20% and eventually scale up to approximately 250,000 units annually by 2026.
Tesla's initiative follows a record-breaking third-quarter delivery surge, timed just before the cessation of a $7,500 U.S. EV tax credit. Analysts predict a sales slowdown in the coming months without the incentive, though expectations remain high for a rebound next year as Tesla aims for 1.85 million vehicle deliveries, with new sales largely driven by the affordable Model Y.
(With inputs from agencies.)
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