10:43 a.m.: "The United States is definitely ahead in culture of innovation. If someone wants to accomplish great things, there is no better place than the U.S."

10:41 a.m.: Musk estimates that a "hyperloop" would be cheaper mile-by-mile than high speed rail. "Isn't there something much better than could be done? I think it could be done for about one-tenth of the cost for the high speed rail scheduled for California."

10:40 a.m.: "One more meaningful Tesla announcement" scheduled for June 20. "After that news subsides, that's when I'll talk about the hyperloop idea."



Musk says he doesn't have time to develop the idea, but hopes that someone else picks up the project.

10:39 a.m.: "Our core customer is someone who wants the best car in the world."

10:38 a.m.: In three to five years, the company expects to come out with a model that is half the price of the Model S.

10:37 a.m.: Musk says that auto loan financing from major banks for the Model S helped accelerate sales. "The finance product is potentially accessible to 5-10 million households," he estimates.

10:35 a.m.: Musk expects 25 percent gross margin without zero emission tax credit. "We expect to make money without any government subsidies by the end of this year."



He added that most of the company's shipments will be overseas, with no subsidies.



"I think we could have done it without government support. It helped accelerated things, but I don't think it was necessary. It was very helpful," he said.

10:34 a.m.: Before the super charger announcement, there were 20,000 units per year for North America, which was three times more than they expected.

10:33 a.m.: Musk says about one-fourth of people who test drive the car end up buying one. "It's a really high conversion ratio," he said.



10:30 a.m.: The interview is about to begin.

10:22 a.m.: Elon Musk is about to speak with "Squawk on the Street." Tweet us your questions @SquawkStreet and you may see them asked on the show!



10:00 a.m.: The video of Cramer's test drive just posted on CNBC.com! Check it out here or watch it below.