Tesla says it will cut the cost of its next generation of vehicles in half, largely by using innovative manufacturing techniques and smaller factories.
Here's a look back at some of the notable business ventures by Elon Musk, who has quickly risen in the ranks of the wealthiest men in the world.
Musk announced that Tesla plans to build a new factory in Mexico near Monterrey. Company executives said it will not take production from any other factories, where Tesla expects to expand production. They said the Mexican plant would build the next generation of vehicles, which also will be built at other factories.
"What they outlined really made the case that it deserves to trade at a big premium to the rest of the industry," he said. "That also means we can build more factories at the same time," said Tom Zhu, who leads Tesla manufacturing.Chief Financial Officer Zachary Kirkhorn said the company cut costs in half between the early Models S and X and the second generation, Models 3 and Y. It's planning to do that again for the next generation, but also will improve the cars at the same time, he said.
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