Tesla CEO Elon Musk has refuted recent reports claiming that the electric vehicle company is abandoning its plans for a highly anticipated $25,000 model. The reports, initially published by Reuters, suggested that Tesla was scrapping its long-awaited affordable model, citing sources familiar with the matter and internal company messages.
In response to the article, Musk took to his social media platform X (formerly Twitter) to dismiss the claims, stating, 'Reuters is lying (again).' The article referenced instances where a Tesla program manager allegedly instructed suppliers to cease all activities related to a project codenamed H422/NV91, which was believed to be associated with the proposed $25,000 vehicle.
Contrary to the reports, Musk clarified that the small-vehicle platform intended for the affordable model would continue to be developed as part of Tesla's broader strategy, particularly in the realm of self-driving technology for future robotaxis.
Following the dissemination of the news, Tesla's stock experienced a slight decline of approximately 3% during Friday morning trading sessions.
