Elon Musk laid out a plan for Tesla Inc. to build a cheap electric car using drastically lower-cost batteries to make a $25,000 vehicle and potentially turn the company into the world’s largest auto maker.

The electric-car maker’s chief executive on Tuesday said he was targeting eventual annual production of 20 million vehicles, or almost twice as many as Volkswagen AG sold last year as the world’s bestselling individual auto company.

The…

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