Musk, Ahead of Battery Day, “Buy More LG Batteries … Hard to Mass-Produce Until 2022”

Tesla CEO Elon Musk (CEO), a day before the shareholders ‘meeting and’ Battery Day ‘, announced the announcement of’ Battery Day ‘, which appears to calm investors’ expectations through Twitter Since it’s difficult to mass-produce batteries internally enough to meet the demand for electric vehicle (EV) production by 2022, the company plans to increase purchases of Panasonic, LG Chem and CATL batteries. Tesla’s stock price fell about 6% in after-hours trading, as such comments came out after the close of the New York Stock Exchange.

On the 21st (local time), CEO Musk said, “I would like to make an important announcement about Battery Day tomorrow.” It is said that it will be difficult to keep up with the demand for electric vehicle production until 2022. He added: “The supply and demand for batteries will particularly affect semi-trailers, cyber trucks and roadsters, so we will not be able to mass produce batteries. by 2022 “.

Musk’s tweets are aimed at raising investors’ expectations that are too high, CNBC said. Tesla’s stock price, which rose 1.64% on the New York Stock Exchange on the 21st, plunged 5.98% in after-hours trading following a tweet after the close of business. bag. Investors and industries expected Tesla to announce its own battery production plan on Battery Day and news about the development and production of a 1 million mile (1.6 million km) battery together with CATL in China. . On the other hand, of the three companies supplying batteries for electric vehicles to Tesla, the tweet was accepted as good news, and LG Chem’s share price rose more than 2% at the beginning of the market opening on the 22nd. Korean time.

Tesla has been manufacturing battery cells in-house at Giga Factory in Nevada, USA since January 2017. However, it has heavily promoted its own battery production project called ‘Roadrunner’. During a visit to Berlin earlier this month, CEO Musk said that when the Gigaberlin factory (planned for 2021) is completed, it will produce battery cells and packs in addition to electric vehicles such as the Model 3 and Model Y.

Meanwhile, as an email sent by CEO Musk to all employees the day before was leaked on the 21st, Tesla’s stock price was up 1.64% in the deal on the New York Stock Exchange that day. In addition to Battery Day expectations, on the 20th, CEO Musk emailed employees saying, “Please run very hard for the last 10 days remaining in the third quarter to deliver record vehicles this third quarter ( July September)”. This fueled investor expectations that Q3 results would hit an all-time high.

According to a survey of Wall Street stock market experts by Factset, a stock market data analysis firm, experts estimate that Tesla’s consumer delivery of electric vehicles in the third quarter will be 144,000 units. The expected range of experts is 123,000 to 190,000 units. Before this, in the fourth quarter of last year, Tesla delivered 112,000 electric vehicles to hit a record. Following this, 88,400 units were delivered in the first quarter of this year and 9,650 units were delivered in the second quarter, and the overall target for this year is 500,000 units.

Meanwhile, according to CNBC on the 20th, Wall Street recently raised Tesla’s price target a week before Battery Day. Weedbush Securities increased from $ 380 to $ 475 a share, Piper Jeffrey from $ 480 to $ 515, Deutsche Bank from $ 300 to $ 400 and Credit Switzerland from $ 280 to $ 400.

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