"The new base Model Y is what Tesla started teasing in social media posts over the weekend, said the people, who asked not to be identified discussing private information. The cheaper vehicle will lack certain features and use less premium materials to offset the loss of the up to $7,500 federal tax credit that the US stopped offering as of this month, the people said."
"Tesla executives said during the company's most recent earnings call that while production of a more affordable model started in June, they decided to put off ramping up output until after the US phased out tax credits. Chief Financial Officer Vaibhav Taneja and Lars Moravy, Tesla's vice president of vehicle engineering, were cryptic about what the car will be before Elon Musk let loose."
"The desire to buy the car is very high, it's just people don't have enough money in their bank account to buy it, Musk continued. So, the more affordable we can make the car, the better. Tesla managed to engineer cost out of the Model Y in part by focusing on the battery pack and motor, the people said. The company announced last week that it delivered 497,099 vehicles worldwide from July through September, a record quarterly total."
Tesla will unveil a cheaper base Model Y that omits certain features and uses less premium materials to compensate for the end of up to $7,500 in federal tax credits. The company teased the new version on social media, which helped lift Tesla shares and follows production that began in June. Executives delayed ramping production until after U.S. incentives expired. Cost reductions targeted the battery pack and motor. Recent quarterly deliveries reached a record 497,099 vehicles worldwide from July through September. Executives warned that the incentive expiration may create a pull-forward effect that could weaken EV demand in upcoming quarters.
Read at www.mercurynews.com
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