Elon Musk Denies Reports of Tesla Scrapping Low-Cost Car Plans

Elon Musk accused Reuters of "lying" after it reported that Tesla had scrapped plans for a low-cost car, causing Tesla's stock to drop. Reuters stands by its reporting, citing unnamed sources and internal documents. Musk has teased a lower-cost Tesla model for years and has cut costs on existing models amid a global price war for EVs. The price competition is particularly intense in the Chinese market, where domestic manufacturers are offering EVs for as low as $10,000.