Electric vehicle manufacturer Tesla, which previously pointed to the end of 2025 for cheap vehicles, plans to start production of new models this year.
While the number of vehicles delivered by Tesla in the first quarter of this year was 386 thousand 810, this figure was well below market expectations of around 450 thousand. In the same period last year, 422 thousand 875 vehicles were delivered.
Thus, the number of vehicles delivered by Tesla decreased by 8.5 percent for the first time since 2020.
Due to low sales, Tesla decided to realize the cheap electric vehicle project this year, which it had previously indicated for 2025.
The company's decision was taken after the first quarter's profitability, sales and margins were hugely disappointing.
The company's CEO, Elon Musk, believes lower-priced models can reverse the contraction in demand that has slowed globally and forced other automakers to rethink their plans to go electric.
Tesla shares rose 13 percent in late trading following the announcement.
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