Musk keeps his inexpensive vehicle concept a secret as Tesla promises to cut EV production costs.

During Tesla’s recent investor day, the company’s engineers revealed plans to cut assembly costs in half for future generations of cars. However, CEO Elon Musk did not reveal a timeline for the much-awaited affordable electric vehicle. Tesla executives discussed everything from sustainable energy to managing operations, but there were no details on when the next generation of cars will launch or what models will be offered. Musk was expected to present a plan for a more affordable EV, but instead, executives revealed that the next generation platform would include more than one vehicle built in standardized factories. Tesla’s chief financial officer estimated that the company must invest six times more than it has to date to increase output to 20 million vehicles annually by 2030. To capture the mass market, Tesla needs to bring prices down for consumers. The company expects to build its next-generation vehicles for half the cost of the current Model 3 or Model Y. However, Tesla will also need to improve its battery technology to transition to sustainable energy and more affordable cars.

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