After hype from Musk, ‘Battery Day’ kicks off
Tesla Inc CEO Elon Musk fired up fans and investors for the company’s “Battery Day” on Tuesday, even as he tempered expectations that Tesla’s electric vehicles will soon surpass the cost and convenience of traditional gasolinepowered cars.
At the opening of the event, which drew nearly 250,000 online viewers, Musk walked on stage in a black T-shirt and jeans as about 250 shareholders — each sitting in a Tesla Model 3 in the company parking lot — honked their car horns in approval.
Ahead of the event, Tesla shares closed on Tuesday at $424.23, down 5.6% after Musk tweeted late Monday that the battery improvements to be unveiled at the event would not reach “serious high-volume production” until 2022. Shares rose 1.5% in afterhours trade.
As automakers shift from horsepower to kilowatts to comply with stricter environmental regulations, investors are looking for evidence that Tesla can increase its lead in electrification technology over legacy automakers who generate most of their sales and profits from combustion-engine vehicles.
Analysts expect Tesla to present a range of updates, including significant improvements to the amount of energy its batteries can store, allowing vehicles to drive further on a single charge. They also await updates on the production cost of battery cells, largely seen as an impediment to wider electric vehicle adoption.
Musk in July said scaling battery cell production at an afford
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