Tesla Chief Executive Officer Elon Musk said on Monday improvements to be unveiled at the electric-car maker’s “Battery Day” event would not reach “serious high-volume production” until 2022, knocking its shares lower.
Many analysts and industry officials expected Musk to unveil battery improvements at the widely-anticipated event, extending the automaker’s lead over General Motors, Volkswagen and other rivals.
In a tweet ahead of the event scheduled for Tuesday, Musk said: “This affects long-term production, especially Semi, Cybertruck & Roadster, but what we announce will not reach serious high-volume production until 2022.”
Musk also said Tesla intends to increase battery cell purchases from suppliers Panasonic, South Korea’s LG and China’s CATL, and possibly with other partners as well.
Despite the cell suppliers’ working at maximum speed, Tesla automaker still expects significant shortages in 2022 and beyond, he added.
Shares of the car maker were last down more than 5 percent at $425.50 (roughly Rs. 31,300) in extended trade.
Tesla is working to produce new, bigger battery cells with higher energy capacity at its own manufacturing facility in Fremont, two people familiar with the matter have told Reuters. They said the battery cell would have a diameter of 42 mm,
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