- Elon Musk has denied a Reuters report that Tesla is abandoning its $25,000 car project.
- The low-cost model has been an important part of Tesla’s plans for several years.
- Tesla shares were down about 3% Friday morning.
Tesla CEO Elon Musk has denied a report that the electric vehicle maker is abandoning plans for a long-awaited $25,000 model.
Reuters reported Friday that Tesla was throwing in the towel on its long-planned, more affordable model, citing sources familiar with the matter and messages from the company.
“Reuters is lying (again)” Musk posted on his social media platform X (formerly Twitter) in response to the story.
In one case, a Tesla program manager told staff that “Suppliers should stop all activities related to H422/NV91,” referring to the project’s code names, Reuters reported.
According to the report, the small vehicle platform that would have carried the alleged $25,000 Tesla would remain in development as part of the company’s plans for autonomous robotaxis.
Tesla shares were down about 3% Friday morning.
businessinsider
