Tesla is the world leader in electric vehicles, but it needs to diversify its lineup.
If Elon Musk wants to be a top player like GM, Volkswagen, or Toyota, he needs to make cheaper cars.
The Model 3, Model Y, Model S, and Model X, which cost between $44,000 and $120,000, accounted for nearly 70% of EVs sold in the US in 2022.
The Model 3 and Model Y, by far Tesla's top sellers, went on sale in 2017 and 2020, respectively.
Elon Musk announced plans for a $25,000 car at a Tesla event in 2020, but the car hasn't materialized.