Elon Musk's dream of producing 20 million Teslas per year hangs on whether or not it can pull off a major shift in battery tech
Elon Musk's ambition to sell 20 million Tesla vehicles per year by the end of the decade is no joke. So it was strange that its long-awaited plans for a low-cost electric vehicle was a complete no-show during the launch of Tesla's latest master plan in Texas last week.
Still, given Tesla's delivery of roughly 1.3 million vehicles last year, it clearly has a long way to go to hit Musk's goal. Where exactly should it start if it wants to get more efficient? Perhaps with the most expensive EV component of all: batteries. If Musk is serious about delivering EVs that everyone can afford, he'll need to get serious on bringing the costs of batteries down. Failure to do so risks ceding the market to hungry competitors. But if it can pull it off, Tesla has a clear path to expansion.
. China, on the other hand, owns 99% of the LFP market, said Paul Guedes, director of capital markets at Nano One Materials, a lithium-ion battery manufacturer in Quebec.
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