Tesla teases its next-gen car, Elon Musk confirms 2 new EVs that can hit 5M+ units a year production volume

During Tesla’s 2023 Annual Shareholder Meeting, it took around 1 minute for Elon Musk to announce and explain the automaker’s upcoming EV models.

CEO and Technoking of Tesla, Elon Musk announced that the company is working on 2 new products and not sitting idle on this front at all. As Musk revealed the news, Tesla showed the following teaser image of the next-gen Tesla vehicle on the presentation screen.

The automaker did not show any teaser and Elon Musk did not share any information on the 2nd electric vehicle at this time. “People always wanna know what our next product is, but this is not the time to…,” he teased the audience mostly comprised of Tesla (TSLA) retail and institutional investors.

“We obviously needed to have a proper, dedicated launch. I just want to emphasize that we are actually building a new product, we are actually designing a new product. We are not sitting on our hands here,” he added.

Teaser image of Tesla’s next-gen electric vehicle that will be produced at Giga Mexico. The teaser was revealed at the 2023 Tesla Shareholder Meeting. Credit: Courtesy of Tesla, Inc.

At first, Elon Musk kept saying “2 new products” that suggested one might be a car that Tesla teased on the screen and one might be a product other than a vehicle. But later on, he used the words “2 models” which confirmed that both of these are going to be Tesla’s next EVs.

The teaser image above clearly shows a smaller Tesla EV. The electric vehicle enthusiasts community has long been waiting for a more affordable smaller Tesla car. A Tesla EV under the price of $25K will help the masses transition to sustainable transportation.

This next-gen smaller Tesla car is at least in the theoretical phase for years. In 2020, Elon Musk said that a Tesla electric hatchback will be designed in Germany. Years have gone by and the world is still waiting for that car to make an appearance.

But now Tesla is actually designing and building these more affordable Tesla cars, according to Elon Musk. The automaker has even hinted that the next-gen Tesla EV will be built at the upcoming Gigafactory in Mexico.

In a forward-looking statement, Elon Musk told that the production of these 2 new EVs alone will surpass 5 million+ units a year. This is going to be possible largely due to the product design and new manufacturing techniques that Tesla is developing for the mass production of its next generation of cars.

“And both the design of the products and the manufacturing techniques are head and shoulders above anything else present in the industry,” Elon Musk explained how Tesla will be able to produce a large quantity of more than 5 million of these EVs a year so fast.

According to various reports, Giga Mexico will have an even larger footprint than the neighboring Giga Texas. Traditionally, Tesla improves its manufacturing processes with each new factory it builds, so Elon Musk’s claim holds some weight here.

Let’s listen to Elon Musk delivering his remarks in context with the next-gen Tesla EVs at the 2023 Annual Shareholder Meeting.

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Video: Elon Musk’s presenation at 2023 Tesla Shareholder Meeting (video starts at the announcement of 2 new Tesla EV models)