Tesla Motors Inc CEO: Making Cheap Batteries Almost As Hard As Man On Mars

Tesla stockBlomst / Pixabay

Tesla Motors Inc (NASDAQ:TSLA) CEO was posed a question, in an interview on CNBC, that asked him to answer what was tougher to achieve. Is it an expedition to Mars or creating a car battery that is priced lower than $5,000? To which he replied “Probably Mars”. Creating batteries for electric cars that have long-range and are also available at low prices has been a really tough task for Tesla, but Musk has high expectations.

Panasonic partnership boosting confidence

“I am feeling really good about being able to produce a compelling mass-market car in about three years,” said Musk. The CEO has planned the manufacturing of a battery with Panasonic, who is a partner in the battery project, and he has regular meetings with them, which according to Musk boost his confidence.

The Tesla Motors Inc (NASDAQ:TSLA) CEO has said that there is a multi-state competition for the site for the factory. Musk says that the competition is not necessarily for a better for land, taxes or other considerations, but it’s all about timing.

“A lot of people think we’re trying to put the screws to the states,” he says. “That’s not our goal.”

Talking of Mars, Elon says that it will take a time span of around 10-12 years before a manned mission is possible. In his opinion, if they succeed in making on Mars a ‘self-sustaining city’ then mankind will become a ‘multi planet species,’ which would not be eventually destined to die-off.

Tesla shares up

On the 17th of June, the New Jersey Legislature voted 77-0 to allow Tesla Motors Inc (NASDAQ:TSLA) to sell its cars directly to the public. Following the news, the company’s stock jumped to $235 from $223. Direct-to-consumer auto sales were prohibited by the state’s Motor Vehicle Commission in a previous ruling, and the current voting in the favor is the first step in reversing the prohibition. If passed, the bill would allow zero emission auto manufacturers licensed prior to January 14, 2014 to open four direct sales dealerships provided they open a service center as well.

On Tuesday, Tesla Motors Inc (NASDAQ:TSLA) shares closed up 3.14% at $231.67.

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About the Author

Aman Jain
Aman is MBA (Finance) with an experience on both Marketing and Finance side. He has worked as a Risk Analyst for AIR Worldwide, and is currently leading VeRa FinServ, a Financial Research firm. Favorite pastimes include watching science fiction movies, reviewing tech gadgets, playing PC games and cricket. - Email him at [email protected]

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