Tesla (NASDAQ:TSLA) shares added almost 3% in pre-market Monday trade after Reuters reported that the company is preparing to manufacture a new electric vehicle (EV) model with a targeted price of €25,000.
The intention to introduce this new model was reportedly communicated by Tesla's CEO, Elon Musk, during his recent visit to the Tesla factory in Germany. At the moment, Tesla’s cheapest car in Germany starts at €42,990.
The report does not specify when production for this vehicle will commence.
In other news, the Wall Street Journal reported that Tesla will hike salaries for workers at its Berlin plant. They will receive a 4% salary hike commencing in November, in addition to a €1,500 ($1,609) bonus in December.
Starting from next February, the annual wages for German production workers will see an additional increase of €2,500.