EV giant Tesla Inc TSLA on Tuesday reiterated its plans to start producing new electric vehicles in the first half of 2025, putting an end to concerns about an aging lineup.
What Happened: The new vehicles, Tesla said, also include more affordable models.
The last mass-market vehicle introduced by Tesla was the Model Y crossover SUV, of which the company started deliveries in early 2020. Though Tesla started delivering its stainless steel Cybertruck last year, it is targeted towards more premium EV buyers.
New Vehicles But On Old Production Lines: The new vehicles, Tesla said, will be produced on the same manufacturing lines as Tesla’s current lineup. While the move will result in less cost reduction than expected before, it will allow the company to fully utilize its current capacity before investing in new manufacturing lines. Tesla also cited “uncertain times” for the decision it deems will allow it to increase vehicle volume in a more capex-efficient manner.
Tesla teased three upcoming vehicles at its annual shareholder meeting in June. While one is expected to be the company’s dedicated robotaxi product, the other is assumed to be the next-generation roadster, while the third is expected to be a wholly new vehicle of which little is known.
Musk Refuses Details: Company CEO Elon Musk on Tuesday refused to share more details on the company’s new vehicles alleging that it might affect near-term sales.
“We’re going to make great products in the future just like we have in the past, end of story,” Musk said.
Tesla’s Q2 Earnings: Tesla stock closed down 2% at $246.38 on Tuesday and fell 7.8% after-hours after the company reported adjusted earnings per share of 52 cents, lower than the street consensus estimate of 62 cents.
Tesla’s second-quarter revenue rose 2% year-over-year to $25.5 billion, with operating margin dropping to 6.3% from the 9.6% reported for the corresponding period of last year.
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