Elon Musk Has Promised A $25K Tesla Before: More On The Battery Day Announcement

During Tesla Inc's TSLA battery day Tuesday, the company made many announcements about the future. One of the more exciting: Tesla's plan to make a $25,000 robotaxi/electric vehicle available within the next three years.

It's not the first time CEO Elon Musk has made this promise. 

Back in 2018, during an interview with YouTuber Marques Brownlee, Musk said Tesla may be able to produce a $25,000 all-electric vehicle within three years. He said Tesla's comparatively small scale made it difficult for the automaker to produce lower-priced vehicles and compete on that front with larger vehicle manufacturers. 

After battery day, the key to unlock a more affordable, mass market EV may have been revealed.

Tesla has designed a new type of battery that it said will allow faster, cheaper and more efficient construction.

By reducing the price of batteries by over 50% per kWh, Tesla may eventually be able to afford to produce this fabled mass market car.

Benzinga's Take: While it's disappointing that it seems the timeline has been pushed back, the goal posts may be in sight.

Many are used to Musk not meeting deadlines — he previously promised fully autonomous cars by the end of 2017. Hopefully Tesla can meet the goal of a more affordable fully electric car to further the company's ultimate goal of transitioning the world to sustainable energy.