Tesla Nears 52-Week Lows as It Scraps Plans for a Cheaper EV Amid Fierce Chinese Competition [Update: Elon Musk Says Reuters is Lying]

Tesla (NASDAQ: TSLA) seems to have surrendered in front of a veritable onslaught of competition from China, eviscerating a major plank of its medium-term bullish thesis. Now, the EV giant’s FSD capabilities and the attendant licensing deals, as well as the lucrative cash stream from the still-non-existent robotaxis, might be the only salvation on the proverbial horizon. We reported in January that Tesla was working to launch an entry-level $25,000 EV, dubbed “Redwood” internally and widely known as the Model 2, by June 2025, with the EV giant going so far as to send requests for price quotes to certain […]

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