Tesla cuts battery cost on road to $25K model

San Francisco (AFP) – Tesla on Tuesday said it is slashing battery costs to speed a global shift to renewable energy, and could have a $25,000 self-driving model available in three years or so.Chief executive Elon Musk and the head of Tesla’s power team laid out battery design, material and production innovations that combine to cut the cost per kilowatt hours by 56 percent.New approaches to making lithium-ion batteries for vehicles are desperately needed given the limited supply and cost, Musk said during a “Battery Day” presentation.Tesla shares dropped about six percent in after-market trad…

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