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00:00 Tesla cars could soon be getting more affordable. Reuters sources say the firm has told suppliers
00:07 it wants to start mass production of a cheaper model in mid-2025. Two of the sources describe
00:14 the vehicle as a "compact crossover". Right now Tesla's cheapest car is the Model 3, which
00:21 starts at just under $39,000 in the US, but boss Elon Musk has long vowed to deliver a
00:28 much cheaper vehicle. He's promised to make one that can be sold at $25,000.
00:35 That plan may now be more urgent. Tesla faces mounting competition from rivals like BYD,
00:42 which can undercut it on price. The Chinese firm overtook Musk's company as the world's
00:47 top maker of EVs in the final quarter of last year. High interest rates are another worry.
00:54 They could crimp demand for relatively expensive cars like Tesla's.
00:59 Now the Reuters sources say a model codenamed "Redwood" is being prepared for its debut.
01:05 They say Tesla has contacted suppliers about parts. It has forecast weekly production of
01:11 10,000 units, with output to begin in June next year. However, analysts warn the firm
01:17 has a long history of missing targets for launch dates and pricing.
01:22 The firm didn't comment on the reports, but Musk did say last year that Tesla was working
01:27 on two new products with a potential for combined sales of 5 million units per year.
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