Elon Musk suggested a way to reduce the cost of electric cars

Tesla CEO Elon Musk said during a shareholders meeting that “in about three years” the company will be able to release a budget electric car for $25,000, CNBC reported.

Electric vehicle production costs will come down with a new battery design and other developments that Tesla unveiled at the meeting. Recall that the cheapest Tesla car – Model 3 – starts at $37.9 thousand.

Tesla batteries with “thousand batteries” are the most expensive part of a car. Musk presented a new battery called 4680.

The battery got this name because of its size: the first two numbers refer to the width of the device, and the last two to the height. It will have a cylindrical shape. The slides shown by Musk clarify that the capacity of the new batteries will be about five times greater and six times more powerful than those that Tesla is currently using in its electric vehicles.

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