Tesla Announces Brand-New Electric Car Platform 

During his speech, which detailed the company’s ‘Masterplan 3’, Musk hinted at the creation of a new electric car platform designed to improve efficiency across the company’s factories and vehicles. The implementation of this electric car platform promises changes that, as company execs advised, would allow for an estimated 40% reduction in factory footprint, create cost savings for the company of up to 50%, and ultimately reduce the risk of production line delays. Overall, estimates from Tesla suggest the new platform will cut down construction costs per vehicle by around $1000 – that’s equivalent to around £830.

A number of developments were also announced, including advances in electric motor technology through to new car construction processes.

An affordable, entry-level Tesla electric vehicle – which would sit beneath the company’s Tesla Model 3 and Model Y in both size and cost – has long been teased. This model would serve as Tesla’s competitor to popular models like Volkwagen’s ID3. However, investors hoping for the company to shed greater light on this car’s development were left frustrated – any such updates were promised to come ‘at a later date’.

Similar frustrations circulated around the lack of information regarding Tesla’s much-anticipated and long-delayed Cybertruck, which has been positioned as an electric pickup truck. Tesla also provided no clear update on the second-generation Tesla Roadster.

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