In recent years, Tesla has consistently maintained a leading position in global sales. However, in the first quarter of 2024, Tesla’s revenue declined by 9% year-on-year, reaching only $21.301 billion. Operating profit also decreased by 5.9% compared to last year, dropping to 5.5%. This is a significant blow for Tesla, which has always been at the forefront globally.
Elon Musk acknowledges the considerable pressure facing the global electric vehicle market, largely due to BYD’s mass production of low-cost vehicles priced between $10,000 and $14,000.
Tesla is set to launch the Model 2
To counter market pressure, Tesla plans to start production of a low-cost model in early 2025, potentially named the Model 2, with an expected price of around $25,000. This new model will focus more on affordability to meet the needs of a wider consumer base. The Tesla Model 2 will feature the new 4680 battery, named for its dimensions of 46mm × 80mm. However, these batteries have significantly lower manufacturing costs and produce five times more energy. They also offer a 16% increase in range compared to traditional batteries, making them more cost-effective. The Model 2 equipped with the 4680 battery is expected to have a range between 250 and 300 miles.
Autonomous Taxi Plan
On April 5, 2024, Elon Musk announced plans to launch autonomous taxis (Robotaxis) on August 8. Many experts believe that Robotaxis may usher in the next industrial revolution. The introduction of Robotaxis will significantly reduce commuting costs, potentially rendering private car ownership unnecessary in the future. However, full autonomous driving is subject to varying degrees of restrictions in many countries, making the road ahead for autonomous taxis challenging.
In Egypt, Tesla is also popular among many users.
Currently, the used Model 3 is one of the most popular choices for Egyptian users. Although prices may vary due to factors such as vehicle age, mileage, and condition, the basic price range is between $46,200 and $47,600.
However, the new Tesla Model 3’s FOB price in China is mainly maintained at $31,000 and up.
As a result, more and more people are choosing to purchase new electric vehicles directly from China.