Tesla will cut the cost of its cars with batteries it will produce with a patent from Canada’s Springpower International, which was bought by Elon Musk for just $3.
Tesla has previously announced that it will produce cheaper batteries for electric vehicles. This will be possible thanks to technology that can significantly reduce production costs and at the same time make batteries more “green” (less harmful to the environment). It turns out that Tesla bought patents for the technology from a small Canadian startup.
According to the published documents, the deal with Springpower was worth $3. As Engadget points out, Tesla probably bought the venture itself in addition to the patents. This is especially based on the inauguration of some Springpower employees at Tesla. However, there is no official confirmation of this matter.
In any case, with or without Springpower’s involvement, Elon Musk plans to start production of electric vehicles with a price tag of $25,000 within three years.