Tesla’s Value Drops $50 Billion as Musk’s Promised Cheaper Battery 3 Years Away
September 22nd, 2020Here’s the full presentation. There’s a lot of extremely interesting material here, but much of this is experimental and years away from full scale production.
Via: Reuters:
Investors 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.”
