Instead of the anticipated million-mile battery, we got the $25,000 car, at teslas eagerly awaited battery day on tuesday.

Elon musk emphasised cutting the cost of batteries by more than half, rather than getting more miles out of them, meaning an electric car priced on a par with conventional vehicles becoming available in about three years.

Tesla will get there partly by taking control of all stages of manufacturing of its batteries, including the basic cells, processing the raw materials and even buying lithium deposits still in the ground.

As richard waters reports, analysts and experts were divided on the significance of the announcement. its insane innovation, said pierre ferragu, an analyst at new street research. theyre demonstrating theyve got a path to maintain their lead for the next decade.

Changes to the chemistry in the batteries were only incremental steps, said gene berdichevsky, who worked on the battery pack for teslas first vehicle. a bigger impact would come from using engineering to drive down the cost of manufacturing, he said. that includes a new way of building a car by casting it in three parts, with the two ends joined by a battery pack.

Investors are underwhelmed after all the advance hype and tesla sharesare down 8 per cent so far today. lex points out that two years ago, mr musk had declared that a $25,000 car model was three years away.

There is much more excitement in china, according to this weeks #techasia newsletter, where competition to tesla is growing thanks to some big investments in carmakers.

The nikkei asian review reports wm motor is the latest to benefit, with a record $1.5bn funding round for an ev maker. tencent, the shanghai government and state-owned car company saic motor were among those taking part.

Meanwhile, volkswagen has been active in teslas california backyard. tusimple has signed a deal to jointly develop self-driving trucks with vws traton truck division, with the german company seeking to take advantage of the san diego start-ups advances in turning and night vision technology.

1. social media deal reached after boycottfacebook,youtubeandtwitterhave reached a deal with big advertisers on harmful content, offering some long-sought concessions to repair relationsshattered by julys boycottof social media platforms.negotiated through the world federation of advertisers,the agreementfor the first time sets common definitions for content such as hate speech and aggression and empowers external auditors to oversee the system, which will launch in the second half of 2021.

2. bytedances dirty deal on tiktokchinese state media have denounced the deal between bytedance, oracle and walmart over control of tiktok as dirty and unfair, saying beijing had no reason to approve it. china daily, the state-owned english language newspaper, said the deal was based on bullying and extortion, an apparent reference to demands made by president trump.

3. ant ipo frenzybrokers say investors are scrambling to take part at any price inant groupsupcoming initial public offeringin hong kong and shanghai. the chinese mobile payments players dual offering is shaping up to be one of the worldslargest ever equity raisings and could come as early as next month. the company is expected to offer at least 10 per cent of its shares and secure an overall market valuation of between $200bn and $300bn.

4. apple opens first online indian storeapples online debut on wednesday comes just in time for indias hindu festival season the most lucrative time of the year for mobile phone companies. the iphone maker is aiming to increase sales and manufacturing capacity in the country, as us companies seek to reduce their reliance on china.

5. covid creates church-hopping christianswith places of worship closed by the pandemic, andrew edgecliffe-johnson reports on the rising number of people who have logged into virtual services. one report found that a third of practising us christians church-hopped this way during the pandemics early months, part of what the uks former chief rabbi, jonathan sacks, calls the moment of all moments for faith communities.

Hmd global unveiled its new range of nokia smartphones and accessories on tuesday, with the bargain of the bunch being the 2.4. the android handset features afingerprint sensor and ai face unlock, a 6.5in hd+ screen and two-day battery life, all for 99 or 119. the top-of-the-range nokia 8.3 5g also went on global sale on tuesday, ahead of its appearance in the upcoming james bond movie,no time to die, this november.