You want a Tesla, but can you afford one?Elon Musk wants to bring electric cars to everyone

Tesla is a global leader in electric vehicles, with ambitions to sell 20 million EVs, or EVs, globally by 2030. But Tesla vehicles aren’t exactly affordable, and there hasn’t been much progress on plans to offer a product that’s cheaper than the Model 3. So Elon Musk hatched a plan.

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Updated on:
March 6, 2023 at 15:46 pm

A file photo of Tesla CEO Elon Musk. (AFP)

Tesla CEO Elon Musk recently admitted that while Tesla electric vehicles are highly sought after in the global market, many people think these electric vehicles are unaffordable. “People’s desire to own a Tesla is very high. The limiting factor is their ability to pay for a Tesla,” Musk said at Tesla’s investor day last week. Shortly after, Tesla announced that it would cut the price of its Model S and Model X EVs by 4% to 9% in the US market.

This isn’t the first time Tesla has cut prices this year, it’s actually the fifth since January. Not only in the US, the company is considering making its electric cars more affordable. In China, for example, Tesla has cut prices on some of its electric vehicles in the face of increasing competition from global and local rivals. This has directly or indirectly forced at least some competitors to follow suit. In November, Mercedes announced price cuts of up to $33,000 on the EQE and EQS.

Also read: Mercedes offers big discounts on its EVs in China

In an age of rising manufacturing costs — it’s more expensive to make an electric car than an internal combustion engine — Tesla does have an advantage that Musk may now be looking to capitalize on. But how long? Experts warn that the current global Tesla lineup is outdated and the U.S.-based manufacturer will have to diversify in the face of a flood of models from rivals. And quickly diversify. The Tesla Cybertruck could be a shot in the arm, even though its production timeline has been pushed back several times. If Cybertruck reservations eventually translate into purchases, Tesla will likely extend its lead.

First published date: March 6, 2023 at 15:46 PM CST

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