Redwood may be coming to a garage near you.
Redwood isn’t a tree. It is the proposed mass-market electric vehicle that Tesla has planned, Reuters was the first to report.
According to Reuters, the vehicle will be a compact crossover.
Elon Musk said that Tesla’s Texas plant will produce a next-generation electric vehicle in the second half of 2025. Two other locations will be building the new vehicles, one in Mexico and one outside of North America. There was no timeline of when people will be able to drive them off the lot.
Tesla has been thinking about a next-gen EV for about a year after it first brought it up during a March 2023 Investor Day presentation, Wired reported. The presentation featured cars covered in gray sheets to tease car buyers. No details were given at the time other than saying it would be made with “revolutionary” manufacturing technology.
A next-generation EV at a lower cost of about $25,000 would allow Tesla to compete with gasoline-powered vehicles and other inexpensive EVs made by China’s BYD, Wired reported.
The publication said that Musk did not reveal the sticker price of the new vehicles.
MotorTrend lists the base prices of current Tesla models as of this month:
- Model 3: $40,380.
- Model 3 Long Range: $47,380.
- Model S: $76,380.
- Model S Plaid: $137,190.
- Model X: $81,380
- Model X Plaid: $96,380.
- Model Y: $45,380.
- Model Y Long Range: $51,880.
- Model Y Performance: $55,880.
- Roadster: $200,000.
- Founders Series Roadster: $250,000.
- Rear-wheel drive Cybertruck (2025): $60,990
- Cybertruck: $79,990.
- Cyberbeast: $99,990.
The average price of a gas-powered vehicle in the U.S. last month was just under $48,800, while an EV was just under $50,800, according to Kelly Blue Book.
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