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Tesla’s next car could cost less to build than Model 3: Musk

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The next new model Tesla is working will be smaller and cost less to build than its Model 3, CEO Elon Musk told investors on a company earnings call late October. No specific timeline for the development or launch of the new model was spelled out, but Musk claims the vehicle could outsell all other Teslas combined as the company looks to reduce production costs by approximately 50 per cent.

The Model 3 and Model Y are among the top 20 best-selling vehicles in the U.S., so an entirely new model achieving best-seller status to supersede those lines could take some time. However, Musk is confident that the new design could “exceed the production of all our other vehicles combined.”

In Canada, the Model 3 starts at $61,880 after destination fees; it’s unclear how Tesla might price this new cheaper-to-manufacture model. Early prognosticators suggest a new vehicle with a starting price of around US$30,000 would help Tesla compete in the more entry-level EV segment.

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