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Elon Musk announces $25,000 electric car with next-gen battery by 2023, gets trolled 'more losses for Tesla'

The company's first-ever and much-hyped "Battery Day" event included several incremental technology advancements as opposed to one blockbuster leap forward

Tesla Inc plans to manufacture a car that will cost $25,000 in around three years, fulfilling an elusive long-term objective to sell a cheap mass-market electric vehicle, Chief Executive Officer of the company, Elon Musk announced on Tuesday, September 22.

"This has always been our dream from the very beginning," Musk said at an event showcasing Tesla’s technology. "In about three years from now, we are confident we can make a compelling $25,000 electric vehicle that is also fully autonomous." Musk announced a series of vertical integration improvements, from making its own battery cells to owning rights to a lithium mine in Nevada, that will allow it to cut costs and offer cheaper cars to customers by 2023.

Tesla shares fell as much as 7.7% in postmarket trading on Tuesday, September 22, after closing at $424.23. The company's first-ever and much-hyped "Battery Day" event included several incremental technology advancements as opposed to one blockbuster leap forward.

"Important note about Tesla Battery Day unveil tomorrow. This affects long-term production, especially Semi, Cybertruck & Roadster, but what we announce will not reach serious high-volume production until 2022," Elon Musk tweeted on Monday, September 21, 2020. "We intend to increase, not reduce battery cell purchases from Panasonic, LG & CATL (possibly other partners too). However, even with our cell suppliers going at maximum speed, we still foresee significant shortages in 2022 and beyond unless we also take action ourselves," he added.

He also explained to his fans who were looking forward to Tesla's next-generation production, "The extreme difficulty of scaling production of new technology is not well understood. It’s 1000% to 10,000% harder than making a few prototypes. The machine that makes the machine is vastly harder than the machine itself."

As soon as the revelations were made, people started slamming Musk, as one Internet user wrote, "More cash losses for Tesla." Some said, "Now they are trying to catch up with what they have started. Small Honda, mini, smart, UP are already for sale. This presentation from @Tesla was not so well presented.

Some, however, called it a game-changer and said, "Now that's a game changer! If this car lasts you 15 years easily, 25 with proper maintenance and reasonable yearly mileage, cost-to-own is no longer a problem. @elonmusk @Tesla." One person complained saying, "Just chuck it on the list of vehicles announced but not built: - Semi truck (announced 2016) - Roadster 2020 (announced 2017) - CyberTruck (first mentioned 2012, unveiling 2019)"

One Tesla fan wrote, "Elon mentioned in his presentation today that Tesla was the first EV company to attempt mass production in 100 years. Chart above shows the EV bubble from 1899-1901, or the last time mass production attempted. Interesting from a historic perspective at least."

A user displayed sarcasm and wrote, "WOW BREAKING NEWS.... 36 Month.. maybe ... it will cost then 25000 $ lol!!!!!!!!!!!!!!! Other cars already available for this price... BREAKING NEWS!!!!!!." Another said, "Tesla can't monopolize battery tech, manufacturing or solar. It's simply not Apple. The Shanghai factory will support a Chinese supply chain and certainly will boost NIO, Xpeng. Tesla will also give Panasonic and Chinese battery companies to catch up. RIP, #Teslabatteryday."