Automundo China

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."

The affordable Tesla is no more.

Tesla seems to have surrendered in front of an onslaught of competition from China, eviscerating a major plank of its bullish thesis.

Reuters reported that Tesla has canceled its long-promised low-cost car expected to start at about $25,000. Musk called the report a lie.

Tesla has canceled its production of the much-anticipated affordable car it was relying on to break into the mass market.

By Hyunjoo Jin, Norihiko Shirouzu, Ben Klayman (Reuters) -Tesla has canceled the long-promised inexpensive car that investors have been counting on to drive its growth into a mass-market automaker,

(Reuters) -Tesla has canceled the long-promised inexpensive car that investors have been counting on to drive its growth into a mass-market automaker, according to three sources familiar with the matter and company messages seen by Reuters. The decision represents an abandonment of a longstanding goal that Tesla chief Elon Musk has often characterized as its primary mission: affordable electric cars for the masses. Tesla shares fell nearly 5% after the Reuters report.