Aug 18, 2018

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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Ben Geman

OPEC+ and G20 energy meetings mark zero hour for oil diplomacy

Illustration: Aïda Amer/Axios

The next two days will be pivotal for determining whether large oil-producing countries can partially stabilize an industry reeling from very low prices and the historic, coronavirus-fueled collapse in demand.

Driving the news: The OPEC+ group led by Saudi Arabia and Russia begin meeting remotely later Thursday morning to discuss production cuts, to be followed by a virtual Friday meeting among G20 energy ministers that includes the U.S.

Go deeper20 mins ago - Energy & Environment

Axios

Coronavirus dashboard

Illustration: Aïda Amer/Axios

Global: Total confirmed cases as of 9:30 a.m. ET: 1,498,833 — Total deaths: 89,733 — Total recoveries: 337,074 — Map.
U.S.: Total confirmed cases as of 9:30 a.m. ET: 432,438 — Total deaths: 14,808 — Total recoveries: 24,125 — Map.
Business: Fed will lend up to $2.3 trillion amid coronavirus crisis — Another 6.6 million jobless claims filed last week
Public health latest: The federal government is in the process of deploying 90% of its stockpiled medical equipment to fight the pandemic.
States latest: New York has reported more cases than the most-affected countries in Europe — Chicago's Cook County jail is largest-known source of coronavirus in U.S.
Poll: 1 in 10 Americans believe economy will never return to normal from coronavirus.
What should I do? Pets, moving and personal health — Answers about the virus from Axios experts — What to know about social distancing — Q&A: Minimizing your coronavirus risk.
Other resources: CDC on how to avoid the virus, what to do if you get it.

Subscribe to Mike Allen's Axios AM to follow our coronavirus coverage each morning from your inbox.

Keep ReadingUpdated 32 mins ago - Politics & Policy

Courtenay Brown

Fed will lend up to $2.3 trillion amid coronavirus crisis

Fed Chairman Jerome Powell at a press conference in March. Photo: Eric Baradat/AFP via Getty Images

The Federal Reserve announced Thursday that it will support the coronavirus-hit economy with up to $2.3 trillion in loans to businesses, state and city governments — made possible in part by Treasury funds set aside in the government stimulus package.

Why it matters: The Fed has taken more action amid the coronavirus outbreak than it has in any other financial crisis in U.S. history in an effort to blunt the effects of the resultant economic shutdown.

DetailsUpdated 37 mins ago - Economy & Business