Musk unveils plans for low production cost while skirting affordable car option

Tesla chief executive was expected to lay out plan for a smaller, more affordable electric vehicle, but it did not materialize

Tesla will cut assembly costs by half in future generations of cars, engineers told investors on Wednesday, but Elon Musk did not unveil a much-awaited small, affordable electric vehicle.

Shares fell more than 5% in after hours trade following presentations at the company's investor day from its Texas headquarters.