You want a Tesla but can you afford a Tesla? Elon Musk wants to take EVs to all

  • Tesla CEO Musk recently admitted that while Tesla EVs are much sought after in global markets, these are not considered affordable by many.
File photo of Tesla CEO Elon Musk. (AFP)
File photo of Tesla CEO Elon Musk.

Tesla is the global leader when it comes to electric cars and has an absolutely audacious ambition of selling 20 million electric vehicles or EVs across the world by 2030. But Tesla cars are not exactly affordable and not much has yet come regarding plans to have an offering that is cheaper than Model 3. Elon Musk, therefore, has a plan in place.

Tesla CEO Musk recently admitted that while Tesla EVs are much sought after in global markets, these are not considered affordable by many. "The desire for people to own a Tesla is extremely high. The limiting factor is their ability to pay for a Tesla," Musk said last week at Tesla's investor day. And soon after, Tesla announced a price cut on its Model S and Model X EVs in the US market in the region of four per cent to nine per cent.

Also check these Vehicles

Find more Cars
Tesla Model 3 (HT Auto photo)
UPCOMING
BatteryCapacity Icon82kWh Range Icon 555 km
₹ 70 - 90 Lakhs
View Details
Tesla Model S (HT Auto photo)
UPCOMING
BatteryCapacity Icon75 kWh Range Icon396 km
₹70 Lakhs - 1 Cr
View Details
Hero Electric Ae-3 (HT Auto photo)
UPCOMING
BatteryCapacity Icon3 kWh Range Icon100 Km
₹ 1.50 Lakhs
View Details
Ola Electric S1 X (HT Auto photo)
BatteryCapacity Icon3 kWh Range Icon151 km
₹ 89,999 - 1.10 Lakhs
Compare
View Offers
Hyundai Kona Electric 2024 (HT Auto photo)
UPCOMING
BatteryCapacity Icon64.8 kWh Range Icon418 Km
₹ 25 Lakhs
View Details
Hyundai Kona Electric (HT Auto photo)
BatteryCapacity Icon39.2 kWh Range Icon452 km
₹ 23.79 - 23.98 Lakhs
Compare
View Offers

This is not the first price cut from Tesla this year, in fact the fifth since January. And it is not just in the US that the company is looking at making its EVs more affordable. In China, for instance, Tesla has slashed prices of some of its EVs in the face of increased competition from both global as well as local rivals. This - either directly or indirectly - has forced at leas some of the rivals to follow. In November, Mercedes announced a price cut by up to $33,000 on the EQE and EQS.

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

At a time when manufacturing cost has been on the rise - it is more expensive to produce one EV unit than one unit of a vehicle with an internal combustion engine, Tesla does have an edge courtesy scale which Musk may be now looking to exploit. But for how long? Experts warn that the current Tesla lineup the world over is rather dated and in the face of rivals going forward with a plethora of models, the US-based manufacturer will have to diversify. And diversify quick. The Tesla Cybertruck could be a big shot in the arm even though its production timelines have hit several delays. If the bookings for the Cybertruck eventually turns into purchases, Tesla would be well poised to possibly extend its lead.

First Published Date: 06 Mar 2023, 15:46 PM IST
NEXT ARTICLE BEGINS

Please provide your details to get Personalized Offers on

Choose city
+91 | Choose city
Choose city

Want to get the best price for your existing car?

Powered by: Spinny Logo
By clicking "View Offers" you Agree to our Terms and Privacy Policy
Dear Name

Please verify your mobile number.

+91 | Choose city
Couldn't verify the OTP.
It's either expired or it's incorrect.