Tesla CEO shares update on low-cost EV and production

Tesla CEO, Elon Musk said Tuesday that his company is working on the next phase of electric vehicles (EV) with the upcoming low-cost car.

Musk shared the latest update on the new low-cost Tesla EV in an interview with Sandy Munro, owner of Munro & Associates and a car industry expert.

“We are working on a low-cost electric vehicle that will be made at a very high volume,” he told Munro.

EV sales are growing and exceeded 300,000 units in the US for the first and third quarter of the year, reveals data from Cox Automotive. The sales increased to 14.3% in September in Europe and 22% in China.

Despite this steady growth, the EV market continues to see a gradual decline in market demand. With that in mind, top automakers from the industry including Honda, GM, and others have shrunk their original plans to expand in the EV market.

Tesla CEO, Elon Musk (left) and Sandy Munro, Owner of Munro & Associates (right) interview at Munro Live about low-cost EV

EV industry analyst believes that the high price is still one of the main reason for this gradual shift in consumers’ interest. To increase EV adaptation, car makers need to come up with more affordable EV options.

From a car maker’s point of view, the production of an affordable EV could be a massive challenge. On that, Tesla chief shared his progress by saying “We’re quite far advanced in that work. I review the production line plans for that every week,”

“The revolution in manufacturing that will be represented by that car will blow people’s minds. It’s not like any car production line that anyone’s ever seen.” Musk added.

To give an update on the initial production of this new vehicle, Tesla’s CEO confirmed that the first production line will be set up at Gigafactory in Texas. The expansion will take place at Gigafactory in Mexico.

Meanwhile, Munro believes that a cheap Tesla model could fly the EV car market.

For now, Musk has not shared any details on the design and the range details of this low-cost Tesla EV car because he’s currently involved in the new Tesla Cybertruck, a new electric pick-up.

(source)