Tesla has announced plans to expand its German plant's ability to produce one million vehicles annually.
The corporation stated in March that it was producing 5,000 cars each week, or about 250,000 vehicles yearly, but since then, precise production figures have not been made public.
On Monday, an anonymous insider disclosed that Tesla intended to produce an electric vehicle at its Berlin plant that would cost 25,000 euros (USD 26,838).
This is a much-awaited step for the maker of electric vehicles, which hopes to see its automobiles widely adopted, even if the source did not state when production will start.
When contacted for comment, Tesla declined. In response to this news, the company's stock rose 3% in pre-market trading in the United States.
According to data from the auto research firm JATO Dynamics, the average retail price for an electric vehicle (EV) in Europe during the first half of 2023 was more than 65,000 euros. This compares to little over 31,000 euros in China.
Elon Musk, the CEO of Tesla, had earlier intended to create an electric vehicle at a lower cost, but he said in 2022 that the technology was still in its early stages and that as a result, the project had been shelved.
However, in September, insiders revealed that Tesla was getting close to a technological breakthrough that would enable the casting of almost an EV's whole underbody in a single piece. A breakthrough like this would speed up manufacturing and cut expenses.
To attain its ambition of 20 million vehicles delivered by 2030, Tesla needs to break away from rivals like Volkswagen, which have opted not to establish any precise delivery deadlines.
Rather, their attention is directed towards safeguarding profit margins while making the switch to electric cars (EVs).
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