Tesla's cheap EV is reportedly back on

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Tesla’s (TSLA) on-again, off-again plans for a smaller, cheaper electric vehicle are back on.

Reuters reports that Tesla is developing a cheaper electric SUV, citing four people familiar with the matter. Tesla has recently approached suppliers to discuss manufacturing processes and component specifications for the new vehicle. However, the report notes that it’s still early days and that the company has made no concrete plans to proceed with production.

The car would be about 14 feet long, much smaller than the nearly 15-foot Model Y. Most importantly, the report suggests it would be a brand-new vehicle, not a variant of the existing Model 3 or Y lineup.

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Reuters’ sources said the compact SUV would initially be produced in China for that market, then eventually expand to US and European production. Though Tesla has not officially greenlit production, supplier conversations suggest the project is moving forward.

https://finance.yahoo.com/sectors/technology/article/teslas-cheap-ev-is-reportedly-back-on-123958645.html