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Tesla (NASDAQ: TSLA) announced plans to roll out new, more affordable electric vehicles (EVs) in early 2025 while launching an autonomous ride-hailing service in June. Despite missing Wall Street revenue expectations, the announcement boosted Tesla’s stock by 5%.
CEO Elon Musk revealed that fully autonomous Teslas will begin testing in Austin, Texas, by June, with additional trials in states like California. Tesla aims to cut production costs further, reporting its lowest-ever cost per vehicle at under $35,000 in Q4 2024.
The company previously scrapped its Model 2 project but now plans to use its existing EV platform to introduce budget-friendly models. A commercial-scale robotaxi is slated for production in 2026 at Tesla’s Texas facility. Investors remain optimistic about Tesla’s self-driving advancements, despite Musk noting that older vehicle computers may require upgrades for full autonomy.
Tesla has used aggressive financing to sustain EV demand amid rising interest rates, but vehicle profit margins dropped to 13.59% in Q4 from 17.05% in Q3, falling below Wall Street’s 16.2% estimate. Quarterly revenue reached $25.71 billion, missing the projected $27.27 billion.
Competition from China’s BYD and European automakers like BMW and Volkswagen has intensified as they introduce lower-cost EVs. Tesla’s annual deliveries declined for the first time, but the company expects growth in 2025. Musk had previously predicted a 20-30% increase in vehicle sales next year, though Tesla did not reiterate this forecast.
Investor enthusiasm remains strong due to Tesla’s self-driving potential and its energy storage division’s expected 50% growth in deployments. As Tesla pushes forward with cost reductions and automation, its future hinges on the success of its upcoming models and autonomous technology.
