Tesla’s upcoming platform may result in a “noticeably” reduced growth rate by 2024

In 2023, Tesla reported a 35 percent increase in production, with the company building 1,845,985 cars compared to 1,369,611 in 2022. Looking to catalyze further growth, Tesla plans to introduce a new, more affordable vehicle platform that is expected to boost sales and production.

According to Tesla’s Shareholder Deck, the company is currently transitioning from one major growth phase, driven by the global expansion of the Model 3/Y platform, to the next phase, which is expected to be fueled by the global expansion of the next-generation vehicle platform. While the company anticipates a lower growth rate in 2024 as it focuses on launching the next-generation vehicle at Gigafactory Texas, it aims to revolutionize vehicle manufacturing with this new platform.

Tesla is committed to bringing the new platform to market as quickly as possible, with plans to commence production at Gigafactory Texas. This effort is expected to significantly transform vehicle manufacturing, as stated by the company. There are also rumors about a potential refresh for the Model Y, but this has yet to be officially confirmed by Tesla.

Having experienced substantial growth with the Model 3 and Model Y platforms, Tesla is preparing to revamp the design of the all-electric sedan, which has already been launched globally. Additionally, there are reports that Tesla is in the process of engaging suppliers for the production of the next-generation vehicle, set to begin in mid-2025, as reported by *Reuters*.

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