Hong Kong: Eberhard, former CEO of Tesla Company, said at the conference, it is shameful to cancel the cheap car plan
Hong Kong: Tesla is cancelling the long-standing promise it made to its customers for an affordable car. Whereas investors were expressing confidence in this project. This decision is a matter of abandoning the goal even though Elon Musk had promoted it as an affordable electric car to the masses.
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Martin Eberhard, founder and former chief executive of the world-famous Tesla car company, has criticized the cancellation of low-cost car plans. It was "shameful" to hear that Tesla was planning such a move amid fierce competition from automakers in China, he said during the HSBC Global Investment Summit in Hong Kong. The company is now in the hands of Elon Musk.
Tesla has been betraying its customers' long-standing promise of an affordable vehicle. Investors, however, were voicing their confidence in this undertaking. Notwithstanding Elon Musk's promotion of it as a widely accessible, reasonably priced electric vehicle, this decision amounts to giving up on the objective.
Eberhard stated, "We've heard that Tesla is postponing or discontinuing its entry-level models." While this is unfortunate for them, it does indicate that China has the potential to advance there.
In the Indian car industry, there is a belief that Tesla is considering entering the country. The company aspires for this nation to rank third in the world after China and the United States for automobile sales. In the beginning, Tesla will only import its electric cars. The Indian government's recent decision to reduce import duties will help if a company adheres to certain conditions.
According to the information, Tesla has cancelled its cheap car plan, but the company will continue to develop self-driving robotics on the same small vehicle platform. Tesla did not immediately respond to a request for comment. However, it is believed that Tesla's focus is on manufacturing right-hand-drive electric cars.
