Elon Musk says Tesla may produce a lower-cost car in three years

Elon Musk. Photo: Joshua Lott/Getty Images

Tesla CEO Elon Musk said the company may be producing a low-cost $25,000 electric car within three years in an interview with YouTuber Marques Brownlee, CNBC reports.

Why it matters: Musk's announcement comes after a two week period of scrutiny where he ran into trouble with the rollout of his plan to take the company private. Tesla currently represents a third of the U.S. market for plug-in vehicles and this could increase their dominance in the field. The company has been ramping up production of its Model 3, a more mass-market product that's key to its long-term future and already the nation's top-selling EV.

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Axios
3 mins ago - World

Europe faces "stronger and deadlier" coronavirus wave

Paris under curfew. Photo: Kiran Ridley/Getty Images

The coronavirus is still winning: Now even Germany is entering another national lockdown, joined by France.

Why it matters: France has been "overpowered by a second wave,” President Emmanuel Macron said in a nationally televised address today. Macron said the "new wave will be stronger and deadlier" than the first.

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Axios
Updated 53 mins ago - Politics & Policy

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Politics: Biden ahead in Wisconsin, Michigan as cases surge in the Midwest.
  2. Health: Surge "is real" and not just caused by more tests, Trump's testing czar says — Mask mandates help control rise in hospitalizations — Some coronavirus survivors have "autoantibodies."
  3. Business: Surge is sinking consumer confidence — Testing is a windfall.
  4. World: France imposes lockdown as Macron warns of overwhelming second COVID wave — Germany to close bars and restaurants for a month.
  5. Sports: Boston Marathon delayed as COVID-19 surges — MLB to investigate Dodgers player who joined celebration after positive COVID test.
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Courtenay Brown
1 hour ago - Economy & Business

Stocks close down more than 3%

Photo: Alexi Rosenfeld via Getty Images

Stocks took a hit on Wednesday, with the S&P 500, Dow Jones Industrials Average and Nasdaq dropping more than 3% across the board.

Why it matters: The volatility is a break from the stock market grinding higher in the face of spiking coronavirus cases, a stalling economy and gridlocked negotiations over an additional stimulus package.

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