The canceled entry-level EV project — often called “Model 2” — was reportedly codenamed “Redwood.” The automaker had, and Musk said, “We’ll be sleeping on the line” to make it a reality. He had previously claimed Tesla was working on two new EV models expected to sell up to five million units annually. For nearly two decades, the CEO has described his long-term goal as using luxury vehicles to build Tesla’s brand before using those profits to fund budget models.
“When someone buys the Tesla Roadster sports car, they are actually helping pay for development of the low cost family car,” Musk in a 2006 “Secret Tesla Motors Master Plan” memo. In the following years, he often echoed those sentiments to customers and investors.as Tesla’s cheapest vehicle. The scrapped budget model was expected to start at around $25,000.’ sources told the outlet they were told about the cancellation in a late February meeting “attended by scores of employee
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