Tesla Chief Executive Elon Musk has for years teased the world with his dream of an affordable electric car. This week, fans hope, he will explain what he has in mind – and perhaps how he can afford to build it.
Musk said last year he shelved the plan for a $25,000 car, known as Model 2, and he hasn’t mastered the new battery technology that he has stated would be crucial to the cheap cars.
Expanding into the mass market is critical to meeting Tesla’s goal to increase vehicle deliveries 15-fold – to 20 million – by 2030. Tesla cut prices in recent months to boost sales, which were pressured by a weak economy and growing competition.
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