New Delhi, April 24 -- Tesla announced plans to leverage its current manufacturing facilities to produce new and more affordable electric vehicles (EVs) on Tuesday, putting potential investments in new factories in Mexico and India on hold for now.
The EV giant said it aims to boost production by 50 per cent fr0m 2023 levels using its existing capacity of nearly 3 million vehicles annually before committing capital to additional manufacturing lines.
This update may result in less cost reduction than previously expected, but enables us to prudently grow vehicle volumes in a more capex-efficient manner during uncertain times, Tesla stated.
The strategy shift comes after previous reports fr0m Reuters that Tesla had scrapped development ...