Tesla (TSLA, Financial) shares increased over 3%, reaching $403.24. The rise follows news from Tesla's Head of Investor Relations, Travis Axelrod, at a Deutsche Bank conference. Axelrod revealed that Tesla plans to deliver the affordable Model Q by the first half of next year.
The Model Q, internally codenamed "Redwood," will be 15% smaller and 30% lighter than the Model 3. The vehicle's length is approximately 3988mm, and its production costs are expected to be significantly lower, potentially halved compared to the Model 3. The Model Q will offer both single motor and dual motor all-wheel-drive versions, with an estimated range of 500 kilometers.
