Tesla Owner Elon Musk Promises To Produce Cheaper Electric Cars

Tesla has announced plans to produce cheaper electric cars. Tesla is an electric car company based in the western US state of California. It is owned by renowned business magnate Elon Musk. Tesla already produces electric vehicles and provides other relevant services. Its current products and services include electric cars, battery energy storage from home to grid scale and solar products. Elon Musk said that he is planning to produce an electric car that carries a price tag of USD 25,000. According to him, Tesla is moving well ahead with its plan. The company aims to achieve this feat in the next three years.

Elon Musk said that his target is to make electric cars affordable. He wants to see masses using electric cars than fuel-based vehicles. Musk said producing affordable electric cars require reviewing the battery concept. This is where Tesla is looking for a breakthrough. To cut the cost of electric vehicles, a company needs to produce a cheaper battery that drives the car. This is not an easy task as it will have a direct impact on the vehicle’s performance. The company has prepared a detailed plan for this. This includes producing more of the components in-house. The Tesla CEO announced the development of a new battery and increase battery cell purchases from other companies.

The new battery will be larger cylindrical cells. According to Tesla, the new batteries will be six times more powerful and offer five times more energy. Besides, it will provide a 16 percent greater driving range. But Tesla’s technology will take years to implement. Musk’s company is known for producing the Model Y, Model S, Model X, and Model 3. The cheapest one is the Model 3. It was launched in February 2019. It carries a market price of USD 35,000. Tesla claims that Model 3 offers a 350 km range and a top speed of 210 km per hour. According to Musk, he is targeting to produce 20 million vehicles every year.