Speaking at the live-streamed Tesla ‘Battery Day’, Elon Musk announced that the company is currently working on producing a cell which would lower the costs of its electric vehicles and bring it down to the level of gasoline-powered vehicles. 

Dubbed as 4680, the cell is currently in production at the Fremont Gigafactory in California. With the removal of tabs, Tesla aims to achieve a continuous motion throughout the system, which, in turn, would supply six times the power and a rise of 16 percent in vehicles’ range.

The announcement also mentioned that Tesla will be making 20 million vehicles a year, including a $25000 fully autonomous affordable model. He also that it wouldn’t be possible for the next three years.

Despite announcing a new cell development and the affordable full autonomous electric vehicle, Tesla’s market cap dropped $20 billion in two hours after Tuesday trading, while shares closed down 5.6 percent and further 6.9 percent after few hours.

Investors were seeking some different announcement from Musk that included the news on the ‘million-mile’ battery that would work well for 10 years and a cost reduction target that would bring the costs of Tesla’s much lower relative to the gasoline cars. Instead, his announcement delivered promises to hold on for the next few years and an affordable car.

The billionaire also confessed that the announced battery and manufacturing strategies currently do not have any fully processed complete plan. Musk also states that over the next couple of years the firm plans to quickly scale up its battery output to 3 terawatt-hours a year or 3,000 gigawatt-hours, around 85 times more than the Nevada plant size.

Before the event, many had predicted that Musk will unveil the company's much-awaited million-mile battery, a battery that is claimed to be over 1 million miles over its lifetime, instead of powering a car without recharge for a million-mile trip.

Source credit - https://www.dailymail.co.uk/sciencetech/article-8761595/Elon-Musk-announces-tabless-battery-Teslas-electric-cars-six-times-powerful.html