Elon Musk collapses Tesla shares

Tesla CEO Elon Musk has collapsed the company’s shares ahead of Battery Day, the day of the presentation of new technologies related to batteries, which will be held on September 22. Writes about this CNBC.

While Tesla buys batteries for its electric cars from third-party manufacturers, for example, Panasonic. Analysts hoped the company would unveil its own battery pack on September 22, which would allow Tesla to maintain an edge over its competitors in the electric car market.

However, on the eve of Musk allayed the hopes of investors. The head of the company said that the technology unveiled on Tuesday will have a long-term impact on the production of the Tesla Semi electric truck, Cybertruck pickup truck, and Roadster sports car. “But what we show will not go into mass production until 2022,” Musk wrote on Twitter.

He added that while Tesla is increasing its purchases of batteries from Panasonic, LG, and CATL, and is also considering the possibility of purchasing them from other partners. However, even with the growth of battery purchases, the company still predicts its shortage by 2022, if Tesla does not establish its own production.

As a result of Musk’s statement on Tuesday after the opening of trading in the US, Tesla shares fell 6 percent, according to Nasdaq data. At the time of this writing, the cost of one paper was $424. Despite the drop, the securities still cost four times more than at the beginning of the year.

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