Tesla Shelves Next-Gen Gigacasting Project As Cost Pressures Mount

Tesla's plan to develop a vehicle with an underbody made of a single piece of metal has been put on hold. The gigacasting process was supposed to make the Model 2 possible. Tesla is in the midst of a cost-cutting effort, as its sales decline, and its share prices shrink. Gigacasting, the process of stamping out large vehicle sections in a single piece, has made Tesla vehicles the envy of the industry.

According to unnamed sources, this decision was made last fall as the company aimed to reduce short-term spending in response to slowing sales. The outlet has also previously reported that development of the Model 2 has been cancelled, although Elon Musk has denied any plans to abandon the creation of the low-cost EV. Tesla's gigacasting has been openly admired by competitors like Toyota, whose engineers called the Model Y a work of art.

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