Tesla's $25,000 Model 2 Could Be Ready in 2021 for Chinese Customers

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Tesla's more affordable wave of vehicles could be hitting the Chinese market in late 2021.

Chinese outlet Sina recently reported that a required Environmental Impact Assessment has started for Tesla's Model 2 that will supposedly be priced around $25,000. According to the report, the Model 2 could have EV range between 220-280 miles. The smaller battery and lesser capabilities allow Tesla to reduce its price and open its vehicles to a whole new group of customers.

The vehicle could be revealed at the Guangzhou Auto Show which is usually held towards the end of the year in November or December. The vehicle is also expected to start test driving in the near future.

China has been a huge target for Tesla and one of the main drivers behind the company's massive stock price run-up. Tesla has been building new factories in China to enhance its presence. Model Ys are produced at the Gigafactory in Shanghai now.

In fiscal 2020:

  • Tesla delivered almost 500,000 vehicles globally.
  • Revenue increased 28 percent year-over-year to $31.54 billion.

Tesla shares rose 4.69 percent last week and closed at $852.23.

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