Chief executive Elon Musk said “affordability” was the biggest barrier to Tesla reaching a far bigger market. Before recent price cuts for its electric vehicles, he said, “we weren’t sure about what the price elasticity of demand was for Tesla”.
Mr Musk took an uncharacteristically low-key role at the investor event, leaving it to executives in charge of many of Tesla’s operations to lay out in detail how they had improved efficiency and brought down costs with a goal of making production of the company’s next model cheaper.
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