Will Tesla Make A Cheaper EV? This Is What Company's Senior Exec Reportedly Said

Tesla Inc. TSLA has plans to roll out a more affordable model in the future, although it may not be its priority right now, said Martin Viecha, vice president, investor relations, at a Goldman Sachs conference, according to Business Insider.

The company’s aim is to eventually make a more affordable vehicle, he added.

See also: Cost Of Making A Tesla Down 57% From 2017: Senior Executive Outlines How This Happened

What Happened: According to the report, Viecha acknowledged the need for having a broad portfolio if the company wants to be a high-volume automaker. Before unveiling its company-operated robotaxi, Tesla needs to have a more affordable offering, he said.

See also: Tesla Has Access To All The Battery Cells It Needs For First Time Ever, Says Senior Exec: Report

That said, the senior executive does not see the need for a new model any time soon, given the stronger-than-expected demand for its Model 3 and Y vehicles.

"Model Y will basically next year become the best selling vehicle of any kind of all time in the world," Viecha reportedly said. This is notwithstanding the elevated costs from the Fremont factory and including almost no leasing, he said.

The cheapest Tesla vehicle — the Model 3 rear-wheel drive — costs $40,390, including potential incentives and gas savings. Rumors of a $25,000 car have been long in the works, though neither Tesla nor its CEO Elon Musk has shed concrete details about it.

Price Action: Tesla shares are seen rising 0.27% to $305.25 in premarket trading on Tuesday, according to Benzinga Pro data.