Investors had slashed $50 billion from Tesla Inc’s market value on Tuesday despite CEO Elon Musk’s promise to cut electric vehicle costs so radically that a $25,000 car that drives itself will be possible, but not for at least three years. Tesla’s market cap dropped $20 billion in just two hours after trading closed Tuesday, as Musk and other Tesla executives presented their new battery and manufacturing strategies. Shares closed down 5.6% and dropped another 6.9% after hours.
“Nothing Musk discussed about batteries is a done deal,” said Roth Capital Partners analyst Craig Irwin. “There was nothing tangible.”
Investors had expected two significant announcements at Musk’s oft-touted “Battery Day”: The development of a “million mile” battery good for 10 years or more, and a specific cost reduction target expressed in dollars per kilowatt-hour that would finally drop the price of an electric vehicle below that of a gasoline car. (Source : economictimes.com)
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