Mad Money host Jim Cramer said Tesla Battery Day announced several positives for the company. He especially notes the prospect of a cheaper Tesla car, the price of which was announced during the event. Cramer sees this as huge news for the future of the company.

Cramer said the very important announcement was that Tesla would introduce an affordable $25,000 electric vehicle. Currently the cost of electric vehicles is relatively high, primarily due to battery cost.

For example, a standard-range Tesla Model 3 currently starts at $37,990. But if the company can offer an electric car for $25,000, the potential for growth is huge, Cramer said. He added, it “could be as revolutionary as the Model T when Henry Ford ... built 15 million of them--it was the first time regular people could afford a car.”

Tesla Plans to Offer $25,000 EV Within 3 Years, Says CEO Elon Musk at Battery Dayhttps://t.co/df0kCioUOo

— Tesmanian.com (@Tesmanian_com) September 23, 2020

Tesla will be able to produce a $25,000 car in about three years. This affordable price-point will be possible thanks to the improvements the company is making in the field of batteries through the development and production of its own battery cells, its own mining of lithium, battery recycling, and the creation of the most advanced production lines.

 

“I love the news, even if we won’t see the results for a couple of years,” said Cramer.

_____________________________

We appreciate your readership! Please share your thoughts in the comment section below.

Article edited by @SmokeyShorts, you can follow him on Twitter

Follow @EvaFoxU