In a recent interview on The Colbert Report, Elon Musk revealed his plans to cut Tesla retail prices by 75 percent in the future. He says the third generation Tesla electric vehicle could cost as little as US$30,000 (approximately AU$33,300).

The Pay-Pal pioneer and Tesla Motors co-founder is renowned for inspiring technology, he also said during the Colbert interview that he wants to get into the space rocket industry too, hoping to have private exploration flights going in the next four years. Watch the full interview below.