Tesla (TSLA) CEO Elon Musk denied a report published by Reuters on Friday claiming that the electric car manufacturer had halted its budget-friendly car plans.
The news agency reported that, based on internal correspondence it claimed to have accessed and insider information, Tesla had stopped its economic car project. However, the company will still proceed to create autonomous, driverless taxis using the same compact car platform.
Many investors had anticipated Tesla to produce a cheaper car to revive market growth. While the report implied Tesla had abandoned this long-term goal, Musk stated that the report was inaccurate. In response to a tweet sharing the news on the social media platform, Musk commented, “Reuters (once again) is not telling the truth.”
Following the publication of the news, Tesla’s stock value dropped by over 5%. The shares partially recovered after the initial drop but were still down by over 2% as of 12:07 Eastern Time.
In January, Tesla CEO Elon Musk announced plans for the company to start producing its low-priced model in the second half of 2025. The starting price for the entry-level car was expected to be around $25,000.
source: aa.com.tr/ prepared by Melisa Beğiç