Tesla Reveals Plans for Building New EVs in 2025
Electric vehicle manufacturer Tesla has revealed to its suppliers that it intends to start producing a new mass-market battery electric car dubbed Redwood in mid-2025. According to those familiar with the matter, Tesla’s new electric car will be a next-generation compact crossover. Last year was a mixed bag for Tesla, mainly due to China’s swiftly growing EV sector and market forces. Although the Texas-based EV maker reported record sales in 2023, the company was forced to contend with significant competition from cheaper Chinese electric cars and was ultimately surpassed by BYD as the top EV company in the last quarter…