Tesla investors want answers about Elon Musk’s long-rumored $25,000 EV

Elon Musk told shareholders in April that Tesla was accelerating plans to build a cheaper EV. 

Elon Musk may have unveiled his robotaxi, but investors are more interested in hearing about Tesla’s plans for a $25,000 EV.

Ahead of Tesla’s third-quarter earnings call on Wednesday, retail investors are submitting questions for Musk and other executives in an anonymous Q&A forum — and want more detail about its long-rumored affordable electric car.

“Is Tesla still on track to deliver the more affordable model next year, as mentioned by Elon earlier, and how does it align with your AI and product roadmap?” read the top-voted question on the platform, with nearly 5,000 votes representing holders of some 2.2 million Tesla shares.

The second most popular investor question also addressed the affordable EV, asking when shareholders could expect a “~$25K, non-robotaxi, regular car model?”

Other questions from investors concerned the Semi truck, long waiting times at Tesla service centers, and the updated Roadster, which has faced multiple delays since being announced six years ago.

The questions indicate shareholders’ unease over Tesla’s affordable EV, which has been mired in uncertainty for months.

Musk told investors in April that Tesla was accelerating plans to build cheaper cars, after denying a report that Tesla was scrapping a $25,000 “Model 2.”

Musk added that production could start in early 2025, but Tesla has released few details since then.

The affordable EV was not mentioned when Musk unveiled the robotaxi at an event in Los Angeles, with some analysts expressing disappointment and Tesla’s stock falling after the “Cybercab” failed to wow Wall Street.

Elon Musk has instead focused on products such as the robotaxi and Tesla’s Optimus humanoid robot. The billionaire has been clear that he regards Tesla as an AI and autonomy business rather than an automotive enterprise.

But Tesla is very much still a car company, with the vast majority of its revenues coming from EV sales. The automaker’s dominant share of the US electric vehicle market has been slipping in recent months, as rivals roll out cheaper EVs.

Tesla is also under pressure from China’s electric car giants, which have grown rapidly by offering a wide range of electric vehicles at attractive price points.

BYD, which briefly overtook Tesla as the world’s largest EV producer in 2023, sells electric vehicles for less than $10,000 in China, and several local EV startups have rolled out models that undercut Tesla’s prices in recent months.

Tesla did not immediately respond to a request for comment from B-17.