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In addition to the highly-anticipated Cybertruck, Tesla appears to be planning the release of two additional vehicles, as per an official company slide presented during their Investor Day in March. This information comes at an opportune time, with Tesla’s global deliveries seeing a record-breaking 83% surge in Q2 of this year, totalling over 466,000 vehicles.
The slide teased two under-wraps vehicles accompanied by large numerical figures: 300M for a boxy-looking model and 700M for a Model 3-resembling vehicle. The speculation around these mysterious vehicles has led many to theorize the potential identities of these two models.
The boxy vehicle is speculated to be a Tesla van, an idea that has circulated since 2016 when Elon Musk suggested in a Twitter post that it would make sense to build a van off the pickup truck chassis.
As for the vehicle associated with the 700M figure, analysts and Tesla enthusiasts on Reddit believe this to be the "Model 2." The term "Model 2" is commonly used to refer to a future $25,000 vehicle that Musk hinted at in September 2020.
During Tesla's 2023 Annual Shareholder Meeting in May, Musk discussed these two upcoming vehicles. He stated that both their designs and manufacturing techniques were superior to anything currently in the industry. Musk predicted that these two new models could potentially contribute to a production output of over five million units annually. For context, Tesla delivered 1.247 million Model 3/Y in 2022.
Further into the meeting, Musk touched upon cost reductions in material and components. This includes the development of a next-generation, low-cost drive unit (which avoids the use of rare earth materials) and lower battery cell costs.
Additionally, there are rumors about a refresh of the Model 3, tentatively named 'Highland.' Reports from China’s 36kr suggest that this rear-wheel-drive Model 3 may receive a battery upgrade, utilizing CATL’s new M3P lithium iron phosphate (LFP) cells. Musk has previously advocated for LFP battery technology, stating that it will form the backbone of electrification efforts.
The refresh is also expected to incorporate several other upgrades. However, details remain under wraps for the time being.
Given the increasing momentum in Tesla's deliveries and the excitement around these future vehicles, it's an exciting time for Tesla investors and EV enthusiasts.