Tesla is reportedly planning to launch a sub-$30,000 electric vehicle early next year, potentially shaking up the EV market. According to a report from Deutsche Bank, based on insights from Tesla’s Head of Investor Relations, this new model, unofficially dubbed “Model Q,” could be priced as low as $30,000 after subsidies, in the US.
The “Model Q” is expected to leverage Tesla’s existing production lines, minimizing manufacturing costs. While details are scarce, the company might reduce the battery size, simplify the interior, or use less powerful motors to achieve this lower price point. Tesla CEO Elon Musk has hinted at such cost-cutting measures in the past.
Interestingly, Deutsche Bank also revealed plans for a long-wheelbase, three-row Model Y targeting the Chinese market, signaling Tesla’s push for growth in Asia. The new “Model Q” is projected to increase Tesla’s production volumes by 20-30%, although profitability may take a temporary hit due to upfront costs.
For Singapore, the “Model Q” could make entry into the brand more accessible. With the rising popularity of budget-friendly EVs the likes from BYD, Deepal and other Chinese competitors, a sub-S$60k Tesla (before COE prices) would intensify competition in the region.
Although Tesla has yet to confirm this officially, the buzz around this model hints at an exciting EV revolution ahead. If Tesla delivers on this promise, it could redefine what affordable, high-performance EVs look like in Southeast Asia.
Leave your thoughts on what do you think about the Model Q or Model 2? Do you think it will eat into the sales of the BYD or XPeng?
