Tesla Vows to Cut Production Costs by Half as Elon Musk Keeps Plans for Affordable EV Under Wraps

Tesla told its investors on Wednesday that the company will cut its electric vehicle production costs by half for future generations of cars. Tesla CEO Elon Musk, however, did not reveal plans for a much-awaited affordable EV. Musk had been expected to lay out a plan to make a more-affordable Tesla EV that would broaden his brand's appeal and fend off competition.

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