Tesla CEO Elon Musk refuted the Reuters report on X, formerly Twitter, on Friday.
Ebrahim Noroozi/AP
Elon Musk denied a Reuters report that Tesla is scrapping plans for a $25,000 car.The inexpensive 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 denied a report that the electric vehicle company is scrapping plans for a long-awaited $25,000 model,
Reuters reported Friday that Tesla is throwing in the towel on its long-planned, more affordable model, citing sources familiar with the matter and company messages.
“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 halt all further activities related to H422/NV91,” referring to codenames for the project, Reuters reported.
According to the report, the small-vehicle platform that would have carried the purported $25,000 Tesla would remain in development as part of the company’s plans for self-driving robotaxis.
Tesla shares were down about 3% in trading Friday morning.
