Elon Musk-led Tesla Inc TSLA is reportedly considering the production of a new mass-market electric vehicle with the codename “Redwood.”
What Happened: Production of the new EV is expected to commence in mid-2025, and the vehicle is said to be a compact crossover, Reuters reported, citing people familiar with the matter.
It was not immediately clear if “Redwood” was the car with a potential price point of $25,000 that many analysts and Tesla fans have long anticipated.
As reported by Reuters, two distinct sources revealed that Tesla has, in recent years, dismantled a Honda Civic — a vehicle with a starting price of $23,950 in the U.S. — as part of a study on techniques to produce more cost-effective cars. The report further suggests that the upcoming Tesla architecture, internally referred to as “NV9X,” is set to include two or more models.
In December, Musk confirmed in a YouTube interview that Tesla is…
