Elon Musk reveals plans to slash electric battery costs, build $25,000 Tesla

Tesla officials, led by CEO Elon Musk, outlined a set of aggressive plans Tuesday to slash battery production costs, which they said will allow Tesla to bring a $25,000 electric battery vehicle to market within three years.

Those were two of the key takeaways from the company’s Battery Day, a show-and-tell session following its annual meeting. During the three-hour event, which was livecast from a site by Tesla’s assembly plant in Fremont, California, Musk and other executives went into extensive detail explaining how they plan to reduce the cost of batteries — the single most important and most expensive part of an electric vehicle — by 56 percent. They then revealed a variety of new product programs that will be launched over the next several years.

“We’re convinced we can make a compelling $25,000 electric vehicle that’s also fully autonomous,” Musk said.

“The battery stuff is clearly revolutionary and essential

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