Tesla Inc. TSLA has confirmed that the company will introduce more affordable models to the lineup as sales figures continue to fall throughout various markets.
What Happened: "The accessibility of our products is fundamental to our mission," the EV giant said in its 2024 impact report on Tuesday.
The automaker then went on to confirm that it will introduce cheaper models in its lineup in 2025. "To further accelerate EV adoption, we are launching more affordable products in 2025," the company said.
However, it did not provide any further details about what the products could look like or if the products would be stripped-down versions of cars that are already available or new altogether.
Source: Tesla
Why It Matters: The news comes as Tesla has been facing declining sales for some time. Most recently, new data showcased that Tesla sales fell more than 60% in Sweden and Denmark.
The company's sales figures in Canada fell sharply, too, with experts suggesting that the decline could be a result of CEO Elon Musk's political endorsements and close relations with U.S. President Donald Trump.
Elsewhere, veteran investor Gary Black predicted that Tesla's Q2 delivery figures would disappoint and fall below Wall Street estimates. He also said that Musk's key aide, Omead Afshar's departure from Tesla also confirmed the poor sales figures.
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