ELON MUSK: TESLAS ARE NOT AFFORDABLE

The “Model 2” could be designed and built in Germany at its new Gigafactory.

By Balthazar Malevolent

ELON MUSK: TESLAS ARE NOT AFFORDABLE

According to sources, Elon Musk noted that "Teslas are not affordable" during a recent conference call with investors. With the launch of Model 3, which starts at $37,990 USD, Musk has another idea to make his electric car and renewable energy business available to everyone.

Tesla Model 3.

"It's about making the car affordable. The aspect that bugs me the most about where we are right now is that our cars are not affordable enough. We need to improve that, we need to get that fixed," he said. "We want to make the cars as affordable as possible and to optimize production."

Musk's solution is to build the Tesla Model 2 which theoretically would be a lower-end vehicle developed and produced in Germany. Taking on the "hatchback of European style," the car will be a direct competitor to the lightweight hybrids that currently compete at the lower end of the price spectrum. Tesla recently opened a new Gigafactory in Germany, adding some validity to what Elon Musk said, and the production there will go after the European market the company had been seeking.

Tesla is ranked as the best-selling plug-in and battery electric passenger car manufacturer in 2019 after having spent 11 years on the market, both as a company and by the automotive industry, with a market share of 17 percent of the plug-in segment and 23 percent of the electric battery segment. Tesla's global vehicle sales rose from 245,240 units in 2018 to 367,849 units in 2019 by 50 percent. In 2020, the company surpassed the one million mark of produced electric cars. The Model 3 ranks as the all-time best-selling plug-in electric car worldwide, with more than 500,000 supplied.

On 1 July 2020, Tesla achieved a US$206 billion market capitalization, surpassing Toyota by market capitalization to become the world's most successful automaker.

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