In an exclusive report, Reuter reports that Tesla is working on major upgrades to Model 3. The updates will likely include exterior changes but the main focus will be reducing manufacturing complexity. In turn, this will lower the cost to produce the car. Reuter estimates the new Model 3 will be ready in 2023. Also in the report is a comparison of Toyota’s profit per car vs Tesla. Toyota sells a lot more cars than Tesla but Tesla is able to capture more of the value chain in the entire car purchase path. Toyota’s profit per car is $1,273 while Tesla makes $9,754. Part of that difference comes from Tesla selling direct to customer vs Toyota which like most other car makers rely on third party dealer networks.
Update: New Model 3 has been released in China, EU and Australia.