Elon Musk has long wanted to bring more affordable Teslas to market and is hoping for batteries that are both cheaper and more powerful. The eccentric businessman introduced the new 4680 battery on the automaker’s first battery day. Musk predicts the battery will cut the price in half.
Musk plans to redesign batteries that deliver five times more energy, six times more power, and increase the range of cars by 16 percent. The affordable electric car of around 21,000 euros will need another three years, said Musk.
Musk’s statements resulted in Tesla’s post-market share dropping another 7 percent after losing several percent.
Production of the new batteries has already started at a plant in Nevada. A new facility is scheduled to be built near Tesla’s facility in Fremont, California by the end of next year.
Tesla shareholders attended the presentation in Tesla 3 and listened enthusiastically during Musk’s statement. Battery day was announced months ago but has been postponed due to the pandemic. It took place at the same time as the general meeting.
Tesla’s success depends in large part on the company’s ability to reduce battery costs while increasing range.