Following its recent highly anticipated, yet somewhat underwhelming event, Tesla has released its financial report for the third quarter. In it, the company reaffirmed its ambitious plans to launch a more affordable electric vehicle in early 2025.
“To make electric transportation accessible to everyone, we need to make its cost competitive with traditional cars,” the company stated.
Although Tesla previously had to abandon the idea of a budget model, Elon Musk reassured investors that a new, more affordable electric vehicle will come to fruition. Whether this will be an entirely new model or a more affordable version of the Model 3 remains unclear.
Tesla’s financial performance slightly exceeded analysts’ expectations, with the company showing growth in revenue and net income, despite a decline in gross margins due to ongoing price cuts and rising competition. Investors welcomed the news that the production cost of a single vehicle had reached a record low.
At the same time, Tesla is experiencing slower growth in deliveries and facing challenges in the largest electric vehicle market—China. The company also continues to deal with investor skepticism regarding its plans for creating robots and autonomous vehicles.
Despite these challenges, Tesla remains a leader in the electric vehicle market. The company continues to heavily invest in new technologies and expand its model lineup, striving to make electric cars affordable for everyone.
