$25K Tesla planned in next three years, Musk reveals
Tesla's shareholder presentations are often pretty lively affairs, with Elon Musk more than a little prone to announcing things that won't be happening for years, and designs that set social media alight with debate.
The latest presentation was a little more subdued, not least because the audience of shareholders was watching from a fleet of Tesla Model 3s in order to maintain social distancing.
However, a few standout announcements still made waves, including some new battery tech. However, the most impactful for most actual motorists came in the form of a stated ambition from Musk to get Tesla making a $25,000 (£19,600) car in the next three years or so.
He reiterated that Tesla's founding principle has always been to make electric cars mainstream, and that making truly affordable vehicles was central to that vision, explaining the new target pricepoint.
As is often the case with public companies, the market's reaction was laid bare in Tesla's stock valuation, which had fully $50 billion wiped off it in short order.
The other key announcement from the presentation detailed Tesla's next generation of battery technology, cylindrical cells which apparently store up to five times the energy, six times the power and boost driving range by 16% compared to previous generations.
Structural differences mean that the batteries are unlikely to have an immediate impact, though - it will likely take years before we're actually able to drive cars using them.
These sound like good developments, but they do come in the context of Musk promising progress to tight timelines that don't quite stick before, so it'll be interesting to see how they unfold over the next couple of years.
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