Elon Musk makes huge announcement on future of Tesla electric cars, self-driving vehicles and humanoid robots

Elon Musk makes huge announcement on future of Tesla electric cars, self-driving vehicles and humanoid robots

WATCH: Elon Musk on the new Tesla Cybertruck

X/ELONMUSK
Felix Reeves

By Felix Reeves


Published: 24/04/2024

- 11:03

Tesla profits have dropped significantly over the course of the last year

Tesla CEO Elon Musk has pledged to unveil "more affordable" models to add to its popular range of electric vehicles within months as the brand sees profits slump.

Speaking on an investors call yesterday, the billionaire founder and CEO promised to deliver cheaper cars, just weeks after reports circulated that the Model 2 EV had been ditched, which Musk said would be low-cost.


The electric vehicle company announced profits of $1.13billion (£910million) in the first quarter of 2024, compared to $2.51billion (£2billion) last year.

It comes at a time when Tesla is dealing with enormous changes to its workflow, with more than 10 per cent of employees being let go across plants in California, Texas and New York.

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Elon Musk and a Tesla logo

Elon Musk announced that 'more affordable' electric cars would be unveiled soon

REUTERS/GETTY

The brand is also battling against market competition from Chinese brands looking to make headway into the European and North American markets, in addition to falling consumer demand for electric cars.

In a bid to move ahead of the rest of the industry, Musk said "more affordable" models would start production by early 2025, Reuters reported.

Musk refused to say how much the vehicle would cost, although some experts have predicted that it will cost more than $25,000 (£20,113), which was the estimated price of the cheaper Model 2.

Posting on social media site X, which is owned by Musk, the official Tesla account posted a preview of the autonomous ride-hailing features that will be available on the Tesla app.

The images show an option for drivers to summon the vehicle, how long the vehicle will take to arrive, the time to destination, how many passengers are in the vehicle, climate controls and the option to change the music inside the car.

Investors were also updated on the progress of manufacturing rates for the Cybertruck, with Tesla announcing a production milestone of surpassing 1,000 vehicles built per week.

In a bid to boost sales and shares, Tesla also unveiled the new Model 3 Performance, with a top speed of 163mph and the ability to accelerate from 0-60mph in just 2.9 seconds.

Prices will start from $52,990 (£42,625), with drivers able to order the vehicle on the Tesla website immediately.

The new Tesla Model 3 Performance model \u200b

The new Tesla Model 3 Performance model

X/TESLA


Another one of the key announcements from the brand, Elon Musk said that Tesla could launch the sale of "Optimus" robots by the end of 2025.

Humanoid robots have been touted as filling the gap required by labour shortages in factories and warehouses, with Elon Musk looking to exploit the gap in the market.

Speaking to investors, he said: "I think Tesla is best positioned of any humanoid robot maker to be able to reach volume production with efficient inference on the robot itself."

Tesla is looking to rival legacy manufacturers like Honda and Hyundai's Boston Dynamics, while Microsoft and Figure said it had signed a deal with BMW.

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\u200bPreview of autonomous ride-hailing via the Tesla app

Preview of autonomous ride-hailing via the Tesla app

X/TESLA

The billionaire even suggested that the humanoid robots could be used in the Tesla car manufacturing line in the coming years.

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