Tesla scraps low-cost car plans amid fierce Chinese EV competition

has cancelled the long-promised inexpensive car that investors have been counting on to drive its growth into a mass-market automaker, according to three sources familiar with the matter and company messages seen by Reuters.

Several company messages reviewed by Reuters about the decision included one on March 1 from an unnamed program manager for the affordable car discussing the project’s demise with engineering staff and advising them to hold off on telling suppliers “about program cancellation.” Plans for the affordable Tesla have been seen as key to delivering on Musk’s stratospheric ambitions for sales growth. Musk said in 2020 that Tesla aspired by 2030 to sell 20 million vehicles – twice as many as the world’s largest automaker, Toyota, sells today. With the death of the Model 2, it’s unclear how he’ll get there.

Messages from the unnamed Tesla program manager to staffers referenced those code names in discussing the project’s termination. One of those messages sent March 1 said that “suppliers should halt all further activities related to H422/NV91.”In another March 1 message, the manager thanked engineering staffers for their efforts and urged them to document what they had learned.

Currently, self-driving cars have only been approved by U.S. and Chinese regulators for tightly limited, experimental use on public roads. Tesla’s image as a climate-friendly innovator has also suffered with Musk’s tilt toward right-wing politics and polarizing public statements, which have turned away some prospective Tesla buyers, according to surveys and experts.

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