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Tesla (TSLA) shares down 6% ahead of Battery Day event
Tesla (TSLA) shares were down 6% in early trading on Tuesday after CEO Elon Musk reined in high expectations ahead of the Battery Day presentation set for later in the evening.
Musk is expected to lift the lid on a new ‘million mile’ battery cell that could vastly increase the mileage of Sedan 3 models and its other vehicles.
However, Musk said in a tweet late on Monday that mass production was still some way off and that the Battery Day event would be geared towards its plans for the future.
“This affects long-term production, especially Semi, Cybertruck & Roadster, but what we announce will not reach serious high-volume production until 2022,” Musk said.
Tesla is also set to ramp up in-house production to ease potential bottlenecks in its supply chain.
Musk noted that cell purchases from third-party vendors would increase, but believes that it needs to “take action” to prevent shortages in 2022 and beyond.
The dampening of expectations sent TSLA stock lower in after-market hours on Monday.
Shares retreated 6% after rising 2% higher to $449.39 during the main session.
TSLA continued its mild slump on Tuesday as shares fell a further 6.80% on the Nasdaq to $418.83.
After soaring during the first nine months of the year, Tesla stock has eased steadily lower since its failure to make the cut for the S&P 500 in early September.
Analyst Jim Cramer has been cautious about advising investors to buy into TSLA at the current price, especially after the recent stock split, which he expects to do little for value.
The consensus for Tesla has been at hold for six months now.
There are currently six buy ratings compared to 19 at hold and 10 at sell.
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