Investors had slashed $50 billion from Tesla Inc's market value on Tuesday after Musk admitted it would be at least three years before it will cut electric vehicle costs so radically that a $25,000 car that drives itself will be possible. Tesla's market cap dropped $20 billion in just two hours after trading closed Tuesday, as Musk and other Tesla executives presented their new battery and manufacturing strategies. Instead, he promised over the next several years to slash battery costs in half with new technology and processes and deliver an 'affordable' electric car. we can do a $25,000 car that will be basically on par (with), maybe slightly better than, a comparable gasoline car,' Musk said. Investors slashed $50 billion from Tesla Inc's TSLA.O market value on Tuesday after Musk admitted it would be at least three years before it will cut electric vehicle costs so radically that a $25,000 car that drives itself will be possible.

Source: Daily Mail September 23, 2020 15:43 UTC