Elon Musk Fails to Deliver Affordable Cars as Promised: Shocking Truth Revealed

Tesla CEO Elon Musk is expected to reveal details about affordable electric cars at the company's Investor Day in Texas on Wednesday, where he will unveil "Master Plan 3." Musk has previously expressed his desire to create an affordable electric car since he joined Tesla. However, while Tesla has made a name for itself with the premium Model 3 and Model Y, Musk has struggled to produce an affordable electric vehicle for the masses, missing several targets. At a February event in Palo Alto, California, he joked, "We specialize in making the impossible merely late."

Here is a timeline of his comments on affordable vehicles:

2006

In his "secret" master plan, Musk announced his intention to develop affordable electric cars. He outlined the plan in three steps: build a sports car; then use the profits to fund the development of an affordable car and finally, use the profits from the affordable car to build an even more affordable car.

2016

In 2017, Musk promised that Tesla would release a $35,000 Model 3 electric sedan before government incentives, but the car was only briefly available in 2019. Currently, the cheapest Tesla car available after a recent price cut is the Model 3 standard range version, which costs $42,990. However, with U.S. government incentives of $7,500, the cost can be reduced to approximately $35,000. These incentives may be reduced by half from March onwards depending on the requirements for battery minerals.

2020

Musk revealed plans to create an affordable and fully autonomous electric car that would cost $25,000 at Battery Day. With the development of cheaper batteries, he believes Tesla will be able to achieve this goal in about three years. Musk's previous promises about self-driving "robotaxis" have not materialized. According to US regulators, Tesla had to recall over 362,000 US vehicles because their Full Self-Driving (FSD) Beta software did not meet traffic safety standards and posed the risk of accidents.

January 2022

An investor inquired about Tesla's plans for a $25,000 car, to which Musk replied that they were not currently developing such a vehicle. Musk suggested that the focus should be on when the car will be self-driving rather than when it will be priced at $25,000, as previously stated. According to Musk, Tesla currently has a lot on its plate, and developing an affordable car is not a top priority.

October 2022

According to Musk, Tesla is already hard at work on their next-generation vehicle, which will be significantly cheaper than the Model 3 and Y platforms. In late 2021, Tesla estimated that its per-vehicle costs will be $36,000.