Economy & Business

    Former Tesla CEO Eberhard says 'shame' company is cancelling low-cost car plans

    The Hawk
    April9/ 2024
    Last Updated:

    Tesla Co-Founder Eberhard expresses disappointment as Tesla cancels its affordable car project amidst growing competition in the Chinese market, impacting its expansion plans.

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    Hong Kong: A Tesla Inc founder and former chief executive, Martin Eberhard, said on Tuesday it was a "shame" to hear that the company was scrapping its low-cost car plans amid fierce competition in China.

    Eberhard was speaking at the HSBC Global Investment Summit in Hong Kong. Reuters reported on Friday that Tesla was cancelling its long-promised inexpensive car that investors had been counting on to drive its growth.