Electrifying price
Tesla vows 25G car in 3 yrs.
There’s a $25,000 Tesla not too far down the road, Elon Musk announced Tuesday.
“Three years from now, we’re confident we can create a really compelling $25,000 vehicle that is also fully autonomous,” Musk announced at the company’s closely watched Battery Day event on Tuesday.
That’s more than $12,000 less than Tesla’s least expensive car, the Model 3 sedan, which starts at $37,990, and one-third the price of its most expensive car, the Model X, which starts at $79,990.
The billionaire CEO made the prediction on the premise that Tesla’s manufacturing advances will help reduce prices.
“We’ve had the best technology, but now we’re achieving economies of scale,” he said, speaking from an outdoor stage before hundreds of Tesla shareholders sitting snugly in their electric vehicles.
The Tesla fans drove to the company’s Fremont, Calif., headquarters for the company’s annual shareholder meeting, which was followed by its battery event. Musk for months has been hyping his automaker’s Battery Day announcements, back in April calling the event “one of the most exciting days in Tesla’s history.”
But instead of lifting Tesla’s stock, shares fell 5.7 percent in extended trading when it became clear toward the end of the battery event that Musk wouldn’t be announcing the “Million Mile Battery” that Tesla investors have long been anticipating.
Musk has teased investors and rivals with the prospect of the batteries, which he says are designed to last for 1 million miles of use before breaking down and will enable Teslas to sell as affordably as their gas-powered competitors.