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September 23, 2020Elon Musk aims to build a low-cost $ 25,000 electric car using low-cost batteries.  

Many novelties, in addition to this, presented during the 'Battery Day': among the most important, above all the 'tabless' battery cells - that is, without bottom plates - which Musk called '4680 cells'.

These cells - which have been called 4680 as they have a diameter of 46 mm and a height of 80 mm - will make the batteries used by Tesla six times more powerful than the current ones, increasing their autonomy by 16%.

Another noteworthy factor, they will cost 14% less.

With cheaper batteries, Tesla aims to make an electric car at a selling price of or even below $ 25,000, thus accessible to a much wider audience of potential consumers. 

The largest car maker in the world

The goal announced by Musk on 'Battery Day' is to reach a final annual production of 20 million vehicles, transforming Tesla into the largest producer of electric and non-electric cars in the world: in fact 20 million cars a year is almost double the production of the German Volkswagen, which in 2019 was the number one car company in the world.

This ambitious figure was provided by Musk during an investor presentation near the assembly plant in Fremont, California and came without a specific timeline or budget.

The same announcement about the $ 25,000 car was made back in 2018. Also, nothing was said about the million-mile battery that Elon Musk had talked about in the past.

Tesla stock drops about 4% in the pre-auction phase on Wall Street.

It is typical of Musk to make such announcements, and it is, analysts say, that he managed to make Tesla the richest carmaker, despite only selling 367,500 vehicles last year.

Creating a low-cost electric compact car is a gamble Musk has been pursuing for a long time.

He tried it by aiming to build a $ 35,000 electric car.

But the Model 3 is still too expensive to be considered an electric subcompact.

Its price averaged around $ 50,000 last year.