Tesla Shares Slide As Musk Tempers Battery Day Expectations

Tesla Inc.  (TSLA) – Get Report shares slipped lower Tuesday as founder and CEO Elon Musk played down the near-term impact of the clean-energy carmaker’s Battery Day event even as he touted increases in demand.

The delayed event, which will be held under social distancing guidelines in Palo Alto, California later today, is expected to unveil a new ‘million mile battery’, which would triple the current range for Tesla Model 3 sedans, as well as new batteries for the group’s still-to-be-produced semi truck and robotaxi.

Musk is also likely to detail plans to increase in-house manufacturing in order to ease supply-chain bottlenecks, following a Tweet late Monday that indicated increasing cell purchases from outside vendors.

“We intend to increase, not reduce battery cell purchases from Panasonic, LG & CATL (possibly other partners too),” Musk said. “However, even with our cell suppliers going at maximum speed, we still foresee significant shortages in 2022 & beyond unless we also take action ourselves.”

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