Elon Musk: Tesla To Build 500-Mile Electric Car, Produce Several Million Cars A Year

Nov 12, 2015 12:04 PM EST | John Nassivera

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Tesla Motors is setting some pretty high goals for itself, with CEO Elon Musk revealing to billionaire Ron Baron the electric car maker's plans for the next 10 years at the 2015 Baron Investment Conference in New York City last week.

Among these new objectives is to make electric cars with a 500 mile range available by 2025, . He added that meeting this goal will require more assembly plants and more battery gigafactories.

The 10-year deadline was set due to the current cost of electric car batteries. Tesla uses small format lithium-ion cells for its cars, and it has said in the past that it plans on reducing the cost-per-kWh of those cells by 30 percent when its Gigafactory in Nevada starts production in 2016.

Musk also told Baron at the conference last Friday that Tesla may eventually be able to produce several million cars a year, .

The goal appears to be set for the long term, as Tesla is set on selling as many as 52,000 cars this year, .

Baron, who invested in Tesla three years ago and currently owns 1.3 million shares valued at over $300,000,000, says that he invests in people, not companies.

"We 'question everything.' Questioning everything is what gives us confidence to 'invest in people,' another tenet of our investment process," he said, while also taking jabs at Volkswagen and its current emissions cheating scandal. "For example, we have made a significant effort to understand Tesla's culture by tirelessly questioning its executives. As a result, it is unimaginable to me that if a car part or an assembly process wasn't exactly 'right' and potentially compromised the safety of Tesla passengers, that Elon Musk would lie about it."

Baron also asked the Tesla CEO if his company would reach the same level of success as General Motors or Toyota, to which Musk responded, "Possibly, it's not out of the question."

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