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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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.

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.