Tesla Announces Strategic Changes in Vehicle Development
In its Q1 2024 report, Tesla (NASDAQ
) revealed several changes to its vehicle development strategy, aiming to introduce new models, including more affordable options. This strategy involves combining elements from its next-generation vehicle platform, which targets reducing the cost of goods sold (COGS) from around $40,000 to $20,000 per vehicle, with aspects of its current platforms. These new models will be produced within existing production lines.
Tesla believes this approach, while not achieving the maximum cost savings of an entirely new third-generation vehicle, will enhance efficiencies in capital expenditures and time to market.
Given Tesla’s tight timeline for introducing new models and its plan to utilize existing manufacturing lines, Goldman Sachs analysts anticipate that the new lower-cost models will likely incorporate design elements from the Model 3 and/or Model Y.
During Tesla’s annual shareholder meeting on June 13, a slide showcased current and future products, including three vehicles covered by sheets. The shapes of these covered vehicles led analysts to speculate that they may represent a smaller version of the Model 3, a van or a larger version of the Model Y, and a robotaxi.
If Tesla can achieve approximately a quarter to a third of its original cost reduction target, it would translate to an estimated $5,000 to $7,500 reduction in cost per vehicle when scaled to higher production volumes, according to Goldman Sachs.
“Currently, the Tesla Model 3 and Model Y are offered starting at around $39,000 and $45,000 respectively in the US, and approximately $32,000 and $34,000 respectively in China,” analysts noted. “If Tesla manages to lower costs by a net $5,000 to $7,500, it would imply a Model 3 priced below $35,000 in the US and below $30,000 in China, and a Model Y starting below $40,000 in the US.”
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