Elon Musk denies that Tesla has cancelled its plans to produce low-cost electric vehicles.

Musk denies Tesla cancels plans to produce cheap cars
Reuters reported that Tesla has cancelled its plans to produce a cheap version of electric vehicles. However, Tesla CEO Elon Musk immediately denied that the company has cancelled its production plan for low-priced cars priced at $25,000.

Tesla’s stock price plunged 6.2% at one point on Friday, to a low of $160.51; it then quickly narrowed its decline, and it was still down 2.44%, at $166.93.

The report said that Tesla will focus on producing self-driving taxi products, which will use the same small vehicle development platform.

UBS lowered Tesla’s target price from $165 to $160.

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