The shares of electric vehicle manufacturer Tesla fell by up to 9% wednesday after the company’s annual “Battery Day” occasion in which founder Elon Musk said consumers would have to wait a few more years to get less expensive cars.
At 11:58 a. m. ET, Tesla’s inventory dropped 9% to $358. 62.
At the company’s shareholders’ meeting Tuesday, Musk announced plans to build a $25,000-worth electric car that will use particularly less expensive batteries.
Musk warned on a tweet Monday that the progress announced on the occasion will not succeed in high-volume production until 2022, leaving investors with little rapid concrete progress.
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The company announced a $140,000 “Plaid” edition of the Tesla Model S with pre-orders now open.
Like many other manufacturers, Tesla relies on batteries from other primary manufacturers to fulfill its primary purpose of generating electric cars, but Tesla once said it planned to expand the “tables” of batteries that could lead to greater strength and diversity. for electric cars.
Tesla has not met its production targets set through Musk.
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Musk said in May 2016 that Tesla will finish manufacturing between 100,000 and 200,000 Model 3 cars in the part of the time of 2017 and then replaced that figure to 5,000 per week in December 2017, but in November 2017 the company replaced the calendar and said it would. happen, at the end of the first quarter of 2018.
However, it produced 5,000 3-style cars in June 2018, but did not produce for the rest of this year.
But Tesla is building new plants in Austin, Texas and Berlin, Germany, to increase production in Fremont, California and Shanghai, China.
Even with Monday’s decline, Tesla has been one of the top-tier stocks this year, with a 386% profit in 2020.