Tesla is a global leader in electric vehicles, but has recently been facing increasing competition from rivals, especially in markets such as China and the United States, where electric vehicle penetration is rapidly rising. The American company may still enjoy a sizable lead in sales, but it hasn’t seen any new products in its model lineup for a while. All of that could change as the long-delayed Cybertruck is wrapping up the finishing touches and the company has now unveiled two new electric vehicles.
US media reports have highlighted the importance of “Part 3 of Tesla’s master plan,” and as part of that, the company has teased two new electric vehicles, both of which are being kept under wraps. Presumably, while one is a van-based all-electric variant, the other – based on the silhouette – could be a compact vehicle. The compact EV was previously confirmed for 2020 and may be aimed primarily at emerging markets that Tesla hopes to enter in the future.
Also read: Tesla price war could destroy some automakers
Tesla CEO Elon Musk has some ambitions after acknowledging the need for a more affordable Tesla, cheaper than the Model 3. He also highlighted how the vehicle could potentially help Tesla gain a foothold in emerging and developing markets globally.
Currently, the Tesla Model 3 is the company’s best-selling electric vehicle, with impressive sales from the U.S. and China, the world’s largest electric vehicle market. But in China in particular, Tesla has been under intense pressure from local rivals, with the likes of BYD and SAIC making some very high-profile moves. Tesla had to offer discounts, which eventually led to its competitors offering discounts as well.
First published date: April 7, 2023, 11:51 AM CST