Tesla has promised to halve the production costs of the next generation of its popular electric vehicles, a step that has ben described as crucial to its long term ambitious sales goals.

Tesla hopes to produce more cars than Volkswagen and Toyota combined – currently the two largest auto manufacturers – by 2030.

This represents a 10-fold increase from current capacity, with the total investment necessary expected to hit $175 billion (€164 billion), according to Zach Kirkhorn, the company’s chief financial officer.

The promise to cut production costs by half came from chief engineer Lars Moravy, who described an “unboxed” model involving the “snapping together” of sub-assemblies to reduce complexity and save time.

Chief executive Elon Musk, the public face of the company, admitted that lower prices for consumers would be key to the achievement of the company’s goals.

“The desire for people to own a Tesla is extremely high. The limiting factor is their ability to pay for a Tesla,” Mr Musk said.

However, he failed to announce a date by when the company would present a long-awaited affordable model, sending Tesla’s stock price down five per cent.


‘Inexcusable’ power cuts ‘very bad marketing’ for Product Malta, say tourism and hospitality associations

July 17, 2024
by Robert Fenech

Malta is once again suffering regular widespread power cuts during the peak summer season

One in five home loans issued for secondary or buy-to-let properties – Central Bank of Malta

July 17, 2024
by Robert Fenech

Malta's real estate market has been fuelled by a growing demand for rentals

Employers ‘not convinced’ that new H&S bill will address known safety issues

July 17, 2024
by Robert Fenech

The Malta Employers Association fears that a new law being pushed through parliament will ‘indiscriminately increase burdens’ on companies