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Tesla Battery Day: news and updates from Elon Musk’s announcement

edited by ZT5 2020-09-23 15:52:18

  Tesla’s “Battery Day” event, held on September 22nd, 2020, was a showcase for Elon Musk to show off his company’s latest battery improvements.

  Tesla unveiled plans to develop a “million mile” battery that could last an electric car’s entire lifetime on the road. It also outlined plans to dramatically reduce the cost of its battery cells and packs to $100 per kilowatt-hour, at which point experts believe electric cars will become comparable in price to combustion engine vehicles.

  Tesla is already the industry leader when it comes to squeezing range out of lithium-ion batteries in electric cars, but its ability to continue to innovate on its battery technology helps explain why the company’s stock prices have soared in recent months.

  Shares of Tesla Inc. TSLA, -5.59% shed 5.60% to $424.23 Tuesday, on what proved to be an all-around positive trading session for the stock market, with the NASDAQ Composite Index COMP, +1.71% rising 1.71% to 10,963.64 and the Dow Jones Industrial Average DJIA, +0.51% rising 0.52% to 27,288.18. The stock's fall snapped a two-day winning streak. Tesla Inc. closed $78.26 short of its 52-week high ($502.49), which the company reached on September 1st.

  The stock underperformed when compared to some of its competitors Tuesday, as Ford Motor Co. F, -1.31% fell 1.31% to $6.78, General Motors Co. GM, -1.86% fell 1.87% to $29.44, and NIO Inc. ADR NIO, +2.23% rose 2.23% to $19.23. Trading volume (68.9 M) remained 8.9 million below its 50-day average volume of 77.7 M.

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