Tesla to produce cheaper electric cars in three years

Elon Musk, the founder of Tesla and SpaceX, has promised that the company will release driverless vehicles worth $ 25,000, Report informs, citing the New York Post.

"We are confident that in three years we will be able to create an attractive car that will be completely autonomous for $ 25,000," Mask said at a meeting with shareholders in California.

The new automobile will be $ 12,000 cheaper than Tesla's current Model 3, which costs $ 37,990.

Tesla Motors was founded in 2003 as a manufacturer of electric cars and technology.