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Tesla Promises ‘More Affordable Models’ and a ‘Cybercab’

Elon Musk’s automaker told investors Tuesday that sales and revenue are down but that new “more affordable vehicles” will launch before mid 2025, sooner than originally planned.

The change in plans comes after a troubled few months for Tesla, which has faced a lag in US EV sales and the growing global dominance of Chinese rivals. Company results released today showed vehicle deliveries and total revenue both fell 9 percent in the first three months of 2024 compared to the same quarter last year. The automaker said in Tuesday’s memo that it has also been affected by shipping route shutdowns in the Red Sea during the Israel-Hamas conflict, and by a suspected arson attack that brought down its German factory for days.

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