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The electric car manufacturer is one of the most successful stocks on Wall Street this year, with the company’s shares strengthening by almost 400 percent since the beginning of the year. However, they have not been doing very well since the beginning of this week, losing almost eight percent during Monday’s trading at one point. “The decline was probably due to Monday’s overall stock sale and concerns that the number of cars delivered may be lower than expected in the third quarter of this year,” he said. portal advisory investment company Motley Fool.
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Tesla shares were still able to cover this loss, mainly due to the high expectations that investors had before Tuesday’s Tesla marketing event called “Battery Day”. At this long-delayed presentation, Elon Musk announced that Tesla is working on a new battery technology that will enable it to produce more affordable electric cars with a significantly longer range on a single charge (read more here: Tesla’s boss promises cheaper electric cars with longer range).
According to the agency Reuters In particular, investors expected two key announcements: the development of a battery with a lifespan of over 10 years and a concrete cost reduction (expressed in dollars per kilowatt hour) that would finally cut the price of an electric car lower than a gasoline car.
Non-specific vision
However, Musk did not say any of this, only promising to halve the current price of the battery in the coming years thanks to new technology. “Nothing Musk said about batteries is a done deal,” said analyst Craig Irwin of Roth Capital Partners. “There was nothing specific,” he added.
After Musek’s presentation, the price of Tesla’s shares began to fall rapidly, and the carmaker ended Tuesday’s trading on the stock exchange with a loss of 5.6 percent, which reduced its market value by more than $ 23 billion. The decline has not stopped yet, on Wednesday, shortly before 6 pm, shares are losing almost 7.5 percent compared to Tuesday’s close.
The electric car manufacturer is enjoying enormous investor interest this year, so in August it split its shares five to one. At that time, the price attacked the limit of $ 2,000 per piece (45,000 crowns) and was one of the highest on Wall Street. The division itself had no effect on it, it only made the shares available to smaller investors as well. After conversion, they are now trading at a price in the lower hundreds of dollars.
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