US electric car brand Tesla is planning to fight back against emerging lower cost Chinese EVs with the launch of a new entry-priced model from 2025.

Tesla was the world's largest EV maker until it was overtaken by China's BYD at the end of 2023.

Chief executive Elon Musk has been concerned about the impact of high interest rates on consumer appetite for spending on big ticket items, and Tesla has adjusted the price of its new cars on several occasions to boost demand.

He confirmed this month that Tesla will begin production of its next-generation electric vehicle at its Texas factory in the second half of 2025.

Tesla cars at supercharger EV charge point locationCodenamed 'Redwood', the car is expected to be a small electric crossover priced for mass-market sales - reports suggest it could go on sale for around $25,000 (£20,000), becoming the cheapest Tesla in the company's history.

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