"Elon Musk Plans Cheaper Tesla Model Amid Intensifying Chinese Competition by 2025"

Elon Musk announced that a cheaper Tesla electric vehicle is expected to launch in 2025, potentially helping the company compete with Chinese EV makers. The new compact vehicle could fulfill Musk's previous tease of a $25,000 entry-level EV. Lowering the cost of EVs is crucial for wider adoption, as a recent survey found cost to be a significant factor in purchasing decisions. Musk acknowledged the competitiveness of Chinese car companies and hinted at revolutionary manufacturing technology for the new vehicle, but also expressed skepticism about meeting the ambitious production timeline.