Automundo China

China’s leading automaker, BYD, is aggressively expanding overseas. After launching its low-cost Seagull EV (Dolphin Mini) in Brazil, starting at...

Tesla, Inc (NASDAQ:TSLA) stock is trading lower Friday following reports of the EV maker dumping its low-cost vehicle plans amid China competition. According to a Reuters exclusive report, Tesla has canceled production of its much-anticipated affordable car, which veers away from CEO Elon Musk’s original mission to create electric vehicles accessible to a broader audience. This decision dampens hopes for expanding Tesla’s market reach and signifies a shift in focus toward developing self-driving

“Reuters is lying (again),” billionaire and Tesla CEO Elon Musk said on X on Friday after Reuters published its report—though he offered no details.

Company’s share fell 6pc following reported changes before partially recovering

Elon Musk-led Tesla has beaten a retreat in the face of the fierce rivalry by Chinese EV makers. The billionaire has ditched plans for an affordable Tesla car.

CEO Elon Musk is denying the report, first published by Reuters.

The automaker will continue developing self-driving robotaxis on the same small-vehicle platform.

Tesla's long-promised cheap EV project may be officially dead. It seems the automaker is cancelling plans to bring a $25,000 car to market. Here's why.

Strategy shift comes as Tesla faces competition from China EV makers including BYD

"It shows that they (Tesla) need to kind of go back to the drawing board and figure out kind of what their next move is going to be because they're sitting on elevated inventories for the Model Y, which is their best-selling car." "I just don't know that the full stuff driving robotaxi feature that Tesla sees is something consumers are ready for."