Tesla is reportedly working on a cheaper electric SUV model

Quoting anonymous sources familiar with the project, Reuters reported Tesla announced Thursday that it is developing a new model of its compact SUV, which will be priced lower than its other electric vehicles, including the $36,990 Model 3.

It is too early to say whether the project will reach the production stage or what the timeline for such a vehicle will be. But if true, it suggests the company is looking to expand its portfolio with a focus on addressing pricing pressures and increased competition in the electric vehicle market. Chinese companies such as BYD have made global strides in this field Rapid development of cheap electric vehicles That challenged the world’s major electric car makers abroad.

A Tesla representative did not immediately respond to a request for comment.

According to the report, Tesla’s new vehicle may be produced in China, with some production expansion in the US and Europe. It will be smaller than the Tesla Model Y SUV.

He was previously CEO of Tesla Elon Musk It is said to be pivoting away A low-cost electric car in the $25,000 range was planned a few years ago, but the latest report suggests this new car may lean more toward self-driving technology while also reviving the original project. This car could provide a human driving option to wait out the regulatory issues surrounding self-driving cars while continuing with self-driving as its core technology.

A new American electric vehicle company, Slate AutoIt recently announced plans to make an electric truck that would sell for about $25,000. The company has partial support from Amazon founder Jeff Bezos.

In recent years, Tesla has been more focused on development Robots and Independent taxi services.