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Tesla boss Elon Musk has lowered expectations for further battery development ahead of an event. Big improvements could only be made in 2022
Tesla boss Elon Musk is trying to curb expectations when it comes to further battery development, immediately hitting Tesla shares. (File image)
Keystone / Alexander Mug
Tesla CEO Elon Musk lowered expectations ahead of an event on battery technology. In doing so, it disappointed the capital markets.
The improvements that the electric car maker will introduce Tuesday on “Battery Day” could only be made in large quantities after 2022, Musk wrote on Twitter Monday. Tesla plans to buy more batteries from Panasonic, LG Chem, CATL and possibly other manufacturers, he said.
However, numerous experts predict that Californians will announce significant advances in battery technology on Tuesday, which should increase Tesla’s technology leadership over rivals such as General Motors and Volkswagen. In August, Musk said on Twitter that Tesla could possibly make batteries with an energy density half as high in three to four years. This could be made possible by electrically powered aircraft.
Musk’s latest tweet still disappointed the stock markets. Tesla shares fell in after-hours trading by about four percent.
