Musk has announced Tesla will be developing cheaper more powerful batteries, teasing a $25,000 autonomous car in the next three years.
“This has always been our dream to make an affordable electric car,” he said.
However, investors saw the hugely positive step for the company to be a hugely negative step, as $50bn dropped from the company’s valuation.
The biggest announcement though came in the form of new cylinder cells, which will have five times more energy, six times the power and 16% additional range.
Tesla is looking to create the car alongside the battery merging it with the structure of the vehicle itself.
This would not only reduce the weight of the car, but also could increase structural integrity.
Even that didn’t put a smile on the investors faces, however Tesla does still retain the mantle as the worlds most valuable car manufacturer.
Another big piece of gossip from the event is that Tesla will not only develop batteries going forward, it will also sell these to third parties.
