New report claims Tesla will release a new car with a sub-$30,000 price tag — here’s the catch

GlobalChineseEV reports Tesla is planning to release a new vehicle, the Model Q, in the first half of 2025 for as little as $25,000 on the U.S. market. However, Electrek cast doubt on the reporting and poked holes in the details.

GlobalChineseEV reported Tesla’s head of investor relations, Travis Axelrod, delivered an announcement about the affordable vehicle codenamed “Redwood” in an investment meeting with Deutsche Bank. Allegedly, the vehicle would be 15% smaller and 30% lighter than the Model 3, with 53 kWh and 75 kWh capacity batteries and an approximate range of around 311 miles.

Notably, the report also indicated its manufacturing cost would be around half as much as the Model 3, which would explain the low price. GlobalChineseEV added the Model Q would be positioned to compete with the Volkswagen ID.3 and BYD Dolphin, two popular vehicles in China.

Electrek was dubious about the report for a few reasons. For one thing, it was skeptical about the idea that Axelrod would reveal such an important piece of information to a bank.

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Additionally, it pointed out that any vehicle at this price point would have to use the “unboxed” platform. Electrek’s own reporting indicates the Robotaxi is the only vehicle on that platform after Tesla CEO Elon Musk canceled a vehicle that sounds an awful lot like the Model Q.

Electrek’s other reason for doubt — that it thinks Model Q is a “terrible name” — is probably less ironclad. Either way, the prospect of a Tesla at a lower price point is something that excites many EV enthusiasts.

Tesla has a lot going for it, including new safety features, the robust Supercharger network, and industry-low maintenance costs. One of the major drawbacks that could push consumers to other EV options like the Chevy Bolt EV, though, are high retail prices.

Drivers of all EVs can tap into benefits like cutting down on fuel costs, in addition to reducing their individual contributions to tailpipe emissions that pollute the air and warm the planet.

As for the GlobalChineseEV reporting, commenters on Electrek were similarly dubious.

“They could reveal it next year, but it won’t be produced for another five,” one commenter said while evoking the long-awaited Roadster.

“It’d be wildly improper for Tesla to disclose things in private to a [bank] that contradict their public disclosure,” a user suggested.

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