In addition to announcing the name of their robotaxi service as Cybercab, Tesla also confirmed that they are currently in the process of developing a new model EV that will go on sale in 2025. It will use a new platform that will reduce costs while making this new model the most affordable EV they have ever produced. .
Since the company's inception, Tesla has promised an affordable EV at a price of around $30,000 apiece. The vehicle announced to use the name "Model 2" is smaller, has a shorter operating range and is not equipped with more sophisticated systems that exist in other models offered by Tesla.
With their vehicle sales suffering due to competition from the likes of BYD and Kia, this new model is expected to turn the company's fortunes around. Also confirmed Cybercab will use the same platform as this new model.
It is very likely that the new model will be launched at the end of this year and will go on sale at the end of 2025. This step has to be taken because the company's income declined by more than 50% in the last quarter compared to the same quarter last year.