Tesla’s Third Next-Generation Electric Vehicle Production Site Expected to Be Named by Late 2023 to Early 2024

Tesla is set to produce a new vehicle that is expected to be manufactured in much larger volumes compared to the Model 3 and Model Y. Moreover, it is anticipated to be competitively priced against vehicles such as the Toyota Corolla and the Honda Civic. CEO Elon Musk revealed during Tesla’s Q4 and FY 2023 earnings call that the company is in advanced stages of the next-generation low-cost vehicle program and has an aspirational target of producing 20 million vehicles per year by 2023.

Musk hinted at the potential of a third production location for the upcoming vehicle, to be announced around the end of the year to early 2025. This facility would be located outside North America. The first manufacturing location is planned to be at the Gigafactory and headquarters in Austin, Texas, and further locations around the world are expected to follow. Musk emphasized the significance of having engineers on-site for the new vehicle’s production line, particularly at Giga Texas, due to the innovative manufacturing technology being utilized.

Tesla is aiming to start production of the new vehicle in the second half of the following year. Musk acknowledged the challenging production ramp and expressed confidence in the advanced manufacturing technology that the company is putting in place. He underlined that this technology would outstrip any existing manufacturing technology globally, and he is prepared to be deeply involved in the production process to ensure its success.

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