Tesla Inc.‘s (NASDAQ:TSLA) Chinese division is developing an affordable version of the popular Model Y crossover SUV.
What Happened: The model, dubbed the ‘E80,’ will reportedly be a toned-down version of the new Model Y and feature a 50-55 kWh battery, smaller wheels, fabric seats with no ventilation, and no rear display, among other omissions, notes Teslarati in a report published on Sunday.
The model could be released in the latter half of 2025 or sometime in 2026, but it could also depend on how the new Model Y performs in China, the report suggests.
As for the pricing, the new variant could be offered for around CNY 150,000-210,000 or $20,500-$28,800.
Tesla did not immediately respond to Benzinga’s request for comment.
Why It Matters: The news comes in as Elon Musk‘s EV giant had shared plans to release more affordable models this year at the company’s Q1 2025 earnings call with investors.
Tesla has already released affordable trim levels for its models before. Recently, the company released a cheaper RWD LR (Long Range) version with fewer features and even altered the marketing strategy for the vehicle to focus on its utilitarian properties.
The company also recently announced new promotions for its entire line-up in the U.S., including free FSD transfers, amid declining sales figures, as well as increased hostility towards Musk’s businesses.
Price Action: TSLA currently trades for $284.95 on the NASDAQ, according to Benzinga Pro data.
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