The Electric

The Electric: Musk Has Promised New Low-Cost EVs, but Tesla Has None

Tesla watchers expect the company to release a gussied-up Model 3 as a "low-cost" EV over the next year. Photo: Graham Hughes/Bloomberg/Getty
By
Steve LeVine

On April 23, Tesla CEO Elon Musk told investors that the company would deliver “new vehicles, including more-affordable models” as soon as the end of the year. But people familiar with the matter said that Tesla has only one future model sufficiently developed to meet that time frame—the $25,000 compact SUV dubbed the Model 2 that Musk shelved earlier this year.