At the opening of the event, Musk walked on stage in a black T-shirt and jeans as about 240 shareholders - each sitting in a Tesla Model 3 in the company parking lot - honked their car hooters in approval.
To help reduce cost, Musk said Tesla planned to recycle battery cells at its Nevada"gigafactory," while reducing cobalt - one of the most expensive battery materials - to virtually zero. It also plans to manufacture its own battery cells at highly automated factories around the world. Tesla aims to rapidly ramp up battery production over the next years, to 3 terawatt-hours a year, or 3,000 gigawatt-hours - roughly 85 times greater than the capacity of the Nevada plant. Musk said Tesla could supply batteries to other companies.
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