Elon Musk says cheaper, more powerful electric vehicle batteries are 3 years off

Tesla CEO acknowledged the design and manufacturing process of the new cells, which he says will be half as expensive, is not complete

Elon Musk described a new generation of electric vehicle batteries that will be more powerful, longer lasting, and half as expensive as the company's current cells at Tesla's Battery Day" on Tuesday.

Tesla's new larger cylindrical cells will provide five times more energy, six times more power and 16% greater driving range, Musk said, adding that full production is about three years away.