Despite the historically high upfront cost of Tesla’s electric vehicles compared to traditional gas models, the company has announced plans to offer more affordable options in the near future. Currently, the cheapest Tesla car available is priced at $42,490 before subsidies, with 2024 models starting at over $63,000. Tesla’s recent quarterly report indicates that preparations are underway for new, more budget-friendly vehicles to be produced starting in the first half of 2025. The company also reported a decrease in the cost of goods sold per vehicle to its lowest level ever at $35,100. Despite some setbacks like recalls and federal investigations, Tesla saw a successful third quarter with an 8 percent increase in net income to $2.51 billion and a 2 percent rise in sales year-over-year, putting an end to its four-quarter streak of missing earnings targets. The company’s plans to launch more affordable EV models in the near future suggest a shift towards greater accessibility and a potentially broader market reach.
