I lost a company The electric car industry Tesla $ 50 billion of its market value despite the CEO (Elon Musk) pledging to radically reduce the costs of the electric car so that it is possible to buy a car worth 25 thousand dollars that drives itself, but not at least three years ago.
Tesla’s market value fell by $ 20 billion in just two hours after the close of trading, as Musk and other Tesla executives presented their new battery and manufacturing strategies, and the market value fell again hours later, bringing its total loss to $ 50 billion.
Analysts said Musk had nothing to discuss about batteries, and nothing concrete.
Investors expected two significant announcements Event “Battery Day”, promoted by Musk, is about developing a battery that can travel a million miles and can work for 10 years or more, and reduces the price of an electric car below the price of a gasoline-powered car.
Musk did not announce the two important announcements, promising – instead – to cut battery costs in half by using new technologies and processes over the next several years and to introduce an affordable electric vehicle.
“In three years we could build a car worth 25,000 dollars that is basically on par, and maybe a little better than a gasoline car,” Musk said.
Musk acknowledged that Tesla does not have new and ambitious designs for cars, batteries and manufacturing processes entirely, and Tesla expects to be able to build up to 20 million electric cars annually.
To help reduce the cost of the car, Musk described a new generation of batteries that will be stronger, longer-lasting, and at half the cost of the company’s current cells.
Musk said: The new, larger cylindrical cells in Tesla will provide five times the energy, six times the power, and a much greater driving range, adding that full production takes about three years.
Musk explained that Tesla plans to recycle battery cells at its Nevada plant, while reducing cobalt – one of the most valuable battery materials – to nearly zero, and plans to manufacture battery cells in several automated plants around the world.