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Tesla to develop new smaller and cheaper EV, say sources

News Snapshot:

Tesla is working on a new smaller and more affordable electric SUV, according to people familiar with the matter. The company has recently contacted suppliers to discuss the design, manufacturing process, and parts of the new vehicle. This SUV will be a completely new model and not a version of the Model 3 or Model Y. Sources say the vehicle is expected to be built in China, with plans to expand production to the United States and Europe. The new SUV will be around 4.28 meters long, making it noticeably smaller than the Model Y. This move comes after CEO…

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