"Tesla's Cofounder's $25K Model Cancellation and Troubles in China"

Tesla cofounder Martin Eberhard expressed disappointment over reports of the company canceling its $25,000 electric vehicle plans, suggesting that China could benefit from this decision. Elon Musk dismissed the report but has acknowledged pressure from China in the electric vehicle market. Eberhard's comments were made during a speaking engagement at the HSBC Global Investment Summit in Hong Kong. Tesla's lowest-priced car, the Model 3, currently sells for just under $40,000, and the company faces competition from Chinese electric vehicle companies.