TeslaElon Musk, the CEO of Tesla Motors stated this during his speech company’s fourth-quarter earnings callThe company will not release any new models in the coming year and has no plans to develop a car for $25,000 this year.

His opening remarks stated that it was impossible to create new vehicles with the current chip shortage, so there would be fewer vehicles delivered.

We would not have introduced a new vehicle last year if we did. The constraints — particularly the chip’s constraints — would have meant that the total output of vehicles would be the same. “So we will not introduce new vehicle levels in this year,” he said. This would be absurd.”

Musk replied later to a question on a Tesla that was lower priced for mainstream customers.

Musk claimed that they are not working on the $25,000 automobile at this time. Musk said that we’ll get there at one point. Right now, we have too much on our plates. We have too many things on our plates, honestly.”

Musk repeatedly stated that a Tesla Model S with a price of $25,000 is possible. Musk stated that a $25,000 Tesla would be possible in 2018. Tesla about three years to developHe didn’t give any timeline, but he did suggest that it could happen. Musk also suggested that the 2020 shareholder meeting would be held in Musk’s name. Tesla would launch such a car within the next three years.

He claimed that in 2020, “About three years from now we’re confident” that we could make an electric vehicle worth $25,000 and also be fully autonomous. Musk has a reputation for overhyping his projections.