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Tesla reveals target date for launch of new electric vehicle

Tesla is targeting a mass-market compact crossover launch in 2025, with speculation growing that it could be the automaker’s best-priced vehicle.

After publication a Reuters reports claims that Tesla has informed suppliers of its plans to launch its first new vehicle since last year’s Cybertruck, Tesla chief Elon Musk confirmed during a post-earnings call that the company expects to begin production of new electric vehicles at its Texas facility in the second half of 2025.

The upcoming car is reportedly codenamed “Redwood,” and Tesla will aim to produce 10,000 units per week, sources told Reuters. But the news outlet also pointed out that Tesla has been known to miss deadlines, most notably its Cybertruck pickup, which launched in 2019 but missed several launch targets before the first one rolled off the production line late last year. Mass production of the Cybertruck is expected to start in 2025.

It’s possible that the upcoming vehicle will be competitively priced to help Tesla take on its fast-growing Chinese rival BYD, which surpassed it as the world’s largest electric vehicle maker in the last quarter of 2023. Its price has already topped $25,000. has been mooted by Musk in the past, but considering the cheapest vehicle currently – the Model 3 – sells for $38,990, achieving an attractive price could be a challenge. Additionally, the Cybertruck is starting at $60,990, about $20,000 more than originally expected.

Musk has said previously that Tesla is also planning to make futuristic-looking self-driving taxis, although it’s unclear when that will happen.

Tesla’s fourth-quarter revenue, reported on Wednesday, was $25.2 billion, up about 3% over the same period a year earlier.

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