Tesla’s ‘Battery Day’ Disappointed Investors

Tesla has a significant lead in battery technology

Adam Vettese (eToro) | After being hyped up by CEO Elon Musk in the run up to it, Tesla’s ‘battery day’ disappointed investors, as the new innovations unveiled remain years away. The firm’s share price closed the day 5.6% down, then slumped further in after-hours trading, after Musk clarified that some of the technologies showcased are “close to working” and require a “a ton of work from here to there.”

Key announcements from the day include a hopeful timeline on full self-driving software (versus Musk’s promise last year to have one million autonomous taxis on the road by the end of 2020), Tesla’s plan to handle more of its own battery production, cheaper battery cells, and new production technologies. Musk also revealed that the firm has more than 600,000 reservations for its Cybertruck, and that he anticipates battery advances will allow Tesla to produce a $25,000 vehicle in around three years.