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

Elon Musk
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.