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Elon Musk Promises a $25,000 Tesla in 3 Years—Again

Elon Musk Promises a $25,000 Tesla in 3 Years—Again

What happens when you load more than 200 Tesla shareholders—increasingly rich shareholders—into a Fremont, California, parking lot, and set CEO Elon Musk loose in front of them to talk about the company’s upcoming battery tech? They honk. A lot.

The unusual shareholder meeting, courtesy of the Covid-19 pandemic, had a few big applause—or honk—lines. One: Tesla had begun to design and produce its own batteries, Musk said. The other: Tesla would produce a $25,000 electric vehicle “about three years from now,” according to Musk. The car, he said, would also be autonomous.

It’s no wonder that Musk’s ambitious announcement elicited such an ear-piercing response from shareholders. The design and manufacture of the battery inside an electric car is arguably its most important element. The battery determines how far the car can travel between charges, how quickly it tops up, and how fast it can accelerate. And the battery, which