EV giant Tesla Inc TSLA displayed its future lineup at its annual shareholder meeting on Thursday, with three upcoming vehicles under wraps.
What Happened: “Obviously we’ve got some new products that we’re working on under the covers,” company CEO Elon Musk said. “I think these are going to be pretty special.”
The future lineup showcased by Tesla at the event included its six vehicles under production or pilot production and 3 new ones under wraps. While one of the three undercover vehicles seems more boxy, the other two resemble the shape of other Tesla cars.
Tesla and Musk have already said that the company is working on a dedicated robotaxi product and a next-generation Roadster. The third mysterious vehicle could be one of the cheaper EV models promised by the company during its first-quarter results earlier this year.
Tesla in April said that it would launch new models including more affordable ones by early 2025. The company, however, did not provide more details on these new vehicles.
Tesla teased only two upcoming vehicles in its Master Plan Part 3 released in April 2023. The third car has been added since then.
Why It Matters: Tesla has five vehicles in production: Model 3, Model Y, Model S, Model X and Cybertruck. The Tesla Semi is under pilot production but Musk said at the meeting that he approved volume production plans for the Semi last week.
The company is building a high-volume Semi factory at Giga Nevada with the first vehicles planned for late 2025. For external customers, vehicles will start rolling out in 2026, Tesla executive Lars Moravy confirmed at the company's first-quarter earnings call in April.
The tease of a new vehicle comes amidst concerns about Tesla’s aging lineup and dropping sales. Tesla reported an 8.5% year-on-year decline in first-quarter deliveries with 386,810 vehicles delivered across the world, marking the first time that the company has seen quarterly deliveries fall since the second quarter of 2020 when the Covid-19 pandemic impacted production.
Tesla’s latest entrant – the Cybertruck – is a more high-end offering, with the higher-end variant called the Cyberbeast starting at around $100,000.
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