Exclusive: Tesla Scraps Low-Cost Car Plans Amid Fierce Chinese EV Competition

05 Apr 2024 | Abstracted from Reuters

"Tesla has canceled the long-promised inexpensive car that investors have been counting on to drive its growth into a mass-market automaker...The automaker will continue developing self-driving robotaxis on the same small-vehicle platform...

"The stark reversal comes as Tesla faces fierce competition globally from Chinese electric-vehicle makers flooding the market with cars priced as low as $10,000."

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