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Musk Says Tesla Will Sell Cars At $25,000 In Three Years Time

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Tesla CEO, Elon Musk has announced that advances in battery technology have set the company on the path to making compelling $25,000 electric vehicles in three years. Musk says that the improvements could ultimately cut battery costs by more than 50 per cent and increase the distance Tesla vehicles can travel.

 

The CEO however notes that many of the required innovations are still work in progress. He spoke at a presentation at the company’s California factory. It was anticipated that Musk would announce a major technical breakthrough at the company’s Battery Day event. However, it was not so.

 

He had earlier posted on his Twitter page that a battery announcement would not be introduced immediately to the vehicles. Thus, highlighting a more long term impact on potential announcements.

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Musk also anticipates shortages that despite pushing the battery cell, suppliers Panasonic, LG, and CATL need to move ‘at maximum speed’. The company anticipates the battery shortages from in 2022.

 

Telsa is piloting battery production at its car factory in Fremont, California. It also has plans to build a cathode production plant in North America according to Musk and Drew Baglino, senior vice president of powertrain and energy engineering, at the event.

 

“It just really bodes well for the future, and it means that the long-term scaling of Tesla and the sustainable energy products we make will be massively increased,” Musk said.

 

The current Tesla car line, Model S, Model X, Model 3, ranges in cost from $35,000 – $124,000. That is before tax incentives for electric cars. Batteries are usually the single biggest expense in producing electric vehicles. Plus the distance a vehicle can travel on a single charge is perhaps the most important feature to buyers.

 

A long-range means longer miles before charging. Thus, a battery breakthrough is critical to crashing the prices of these cars, and a $25,000 Tesla is three years is indeed possible.

 

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