Previously, foreign media exposed a set of spy photos of what appeared to be Tesla’s new entry-level model. The aerial photos were taken at Tesla’s Berlin Gigafactory. The rear shape of the camouflaged car parked next to Model Y is different from Model Y and Model 3. The overall size of the car is smaller and it looks like a fastback-style coupe SUV.

We can take a look at the imaginary diagram of Tesla’s entry-level model Model 2 drawn by foreign media. The one above adopts a hatchback shape, equipped with sharp headlights and a through-type lower surround air intake. The car below basically continues the coupe SUV shape of the Model Y, adopting a large fastback design. It is reported that compared with Model 3, Model 2 will be about 15% shorter in length, about 30% lighter in weight, and about 25% smaller in battery capacity. Model 2 will use new safer and cheaper batteries.

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Elon Musk also added that the car is not “designing” but is in the process of “manufacturing.” That said, we’ll see a production version of this model soon.

He said: Tesla is developing two new models. The design and manufacturing technology of the two new models will far surpass any product in the industry. The annual production capacity of the new model will exceed 5 million.

He also revealed that the two cars will be mass-produced at Tesla’s Mexico Gigafactory first, and will be introduced to other Tesla factories around the world after mass production. It is worth mentioning that Tesla has previously talked about producing cheaper models at its Shanghai Gigafactory in China and exporting them to global markets.

It is said that Tesla’s next-generation drive unit only needs half of the current factory space, while reducing the demand for silicon carbide by 75%, reducing the demand for rare earths to zero, and reducing the overall cost by US$1,000 (IT Home Note: Currently about 6960 RMB).

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“Tesla will wait until 2024 to announce the Model 2,” Loup Ventures said in its 2022 forecast letter.

Loup Ventures explained, “If the company releases a lower-priced car too early, it could potentially slow sales of the Model 3. It will also be difficult to meet the capacity of the new car.”

The venture capital firm expects that Tesla will offer a preview of the Model 2 in early 2024 and begin expanding production of the new electric car in mid-2025.

Elon Musk has set a number of goals for the new model, and Tesla will likely focus on those goals during the development of Model 2. First, the price target for the Model 2 is $25,000 (about RMB 173,000), which would make it Tesla’s most affordable model when it goes on sale. Second, the Model 2 will be a compact or subcompact car, a model that is more popular in Europe and Asia. It’s worth noting that Tesla China was previously reported to be working on the Model 2.

The name of Tesla’s $25,000 compact/subcompact model has not yet been officially announced; the names Model 2 and Model Q have been used to refer to this upcoming model, but Tesla has not officially confirmed the name. In a virtual appearance at the 2022 B20 summit in Indonesia, Elon Musk was asked if Tesla would name its upcoming entry-level electric car the Model I. Musk did not confirm or deny the name, saying instead that a more affordable model made sense.

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Tesla stock is down more than 60% year-to-date from its November 2021 high. Analysts cut their price target to $200 from $300, a drop of about a third, though still about 40% above the current share price.

Analysts wrote in the report that although multiple factors such as global scale operations, vertical integration of the supply chain, and the US inflation reduction bill allow Tesla, the leader in the electric vehicle market, to continue to enjoy a gross profit margin advantage, “it is impossible to ignore Yes, investors are well aware of the benefits and must now grapple with demand assumptions from 2023 to 2025.”

Tesla shares have been under intense pressure this year, and CEO Elon Musk has continued to sell shares.

Tesla shares fell 5 percent to $142 on Tuesday. The Evercore ISI report pointed out that Tesla’s stock price has lost support at the key technical level of $150 to $163.

“Investors are also revisiting demand assumptions for the first time as global inventories dwindle,” the report said. Analysts also said that while the biggest challenge facing Tesla’s stock price is Elon Musk’s acquisition of Twitter, more factors are now at play. Dragging up stock prices. The downside was “initially thought to be about 75% ‘Twitter noise’ and 25% market demand.”

More recently, Elon Musk has come under fire for his acquisition of social media company Twitter. Tesla investors are increasingly concerned that Elon Musk’s current job as Twitter’s chief executive will distract him from Tesla.

But Evercore ISI also pointed to ways for Tesla to turn the tide. Analysts believe that as long as Tesla introduces a lower-cost Model 2 electric car, it can attract more consumers. The Model 2 is rumored to start at $25,000. However, Elon Musk said that the launch of this electric car will take a long time.

“What we would like to see is a return to the right track… Simply put, the Model 2, out of the 2.7 million Tesla electric car demand, we count 500,000 Model 2s, which of course are not on the market right now. EU et al There is an urgent need for smaller, cheaper models.”

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