Tesla founder Elon Musk told investors about his future plans at an event called Battery Day held at his company’s plant in the US state of California.
The Tesla CEO’s new investment plans and manufacturing strategy have failed to satisfy many shareholders. Immediately after Musk’s presentation, Tesla shares fell about 6 percent in value. Investors sold about $ 50 billion in shares within hours of the disappointment. Musk, on the other hand, announced at this event that Tesla will produce a car that will be released for $ 25k in the next three years thanks to its newly developed battery.
At the event, in which each of the investors participated with their own Tesla, the electric car company talked about how Tesla will improve its batteries in the coming period.
At this event, Musk announced that Tesla will produce a car that will be released for $ 25k in the next three years thanks to its newly developed battery.
Musk had previously said Tesla would probably never produce a car for under $ 35k.
Musk, who said that thanks to Tesla’s development of its own batteries, a car can be produced cheaper thanks to reduced battery production costs, also stated that this car will also be fully automatic.
TESLA LOSES $ 50 BILLION IN VALUE AFTER MUSK’S PRESENTATION
The event also detailed how Tesla made technical innovations in battery design and battery production capacity.
But immediately after Elon Musk’s presentation, Tesla shares fell about 6 percent in value. The Tesla CEO’s new investment plans and manufacturing strategy have failed to satisfy many shareholders. As a result of investor frustration, the company’s market value fell by about $ 50 billion within a few hours.
Investors were anticipating Elon Musk’s concrete project to reduce battery charging costs by 1 million batteries over 10 years. However, this expectation was not met.
Tesla batteries cost $ 156 per KWh, according to 2019 data.
Tesla, on the other hand, introduced a new model of sedan called the Model S Plaid, with a range of 520 miles. The new model, which speeds 320 km per hour, is expected to go into mass production in 2021.