This was reported by Reuters, as reported by Ukrinform.

Tesla sent out invitations to suppliers for the Redwood model last year and expects to produce 10,000 cars per week, two sources said.

Interlocutors state that production of “Redwood” may begin in June 2025.

Tesla CEO Elon Musk has long been whetting the appetite of fans and investors for affordable electric cars and driverless robotaxis, which are expected to be built on cheaper next-generation electric vehicle platforms.

These models, which include an entry-level car priced at $25,000, will allow it to compete with cheaper gasoline cars and the growing number of low-cost electric vehicles such as those produced by China’s BYD.

BYD overtook Tesla as the world’s number one electric car manufacturer in the last quarter of 2023.

Musk had originally promised to produce a $25,000 car in 2020, but later canceled the plan but later revived it.

Tesla’s cheapest offering, the Model 3 sedan, currently has a US starting price of $38,990.

According to the news of Tesla and SpaceX CEO Ukrinform, Elon Musk, who also owns the X social network, said that he wants to buy approximately 25% of the shares in his business for the production and sales of electric vehicles.