Tesla said on Tuesday that it will use its existing factories to build new and more affordable vehicles as early as late this year, leaving investments in new factories in Mexico and India unlikely in the near term.
The world’s top EV maker said it plans to raise production by 50% from 2023 to its current capacity of close to 3 million vehicles before investing in new manufacturing lines.
“This update may result in achieving less cost reduction than previously expected but enables us to prudently grow our vehicle volumes in a more capex efficient manner during uncertain times,” the company said.
