Jakarta, CNBC Indonesia – Investors punished Tesla by selling shares over the announcement of cheap electric cars. In trading Tuesday (9/22/2020), the valuation of Tesla’s shares evaporated US $ 50 billion or Rp.740 trillion overnight.
In a celebration titled “Batery Day”, Tesla CEO Elon Musk announced plans to launch an inexpensive electric car of US $ 25,000 per unit in the next three years. This announcement sent stock prices down 5.6% on Tuesday trading and another 6.5% after the market closed.
“What Elon Musk is talking about about batteries is not a finished deal. Nothing is real,” said Roth Capital Partners analyst Craig Irwin.
Indeed, in this celebration, investors expect two things. Announcement of a 10-year “million mile” battery or a target for reducing the cost of the battery that ultimately lowers the price of electric cars, lower than the price of petrol cars.
In the celebration, Elon Musk did not offer either of these things, he instead promised that in the next few years he would cut battery costs in half with new technologies and processes to produce affordable electric cars.
“In three years … we can build a $ 25,000 car that is basically the equivalent (to), maybe a little better than, a petrol car,” said Elon Musk.
Building an affordable electric car “has always been our dream from the very beginning of the company,” Musk told more than 270,000 online audiences.
Musk acknowledged that Tesla did not completely finalize the design of its ambitious new vehicle and battery. Tesla often missed the production target set by Elon Musk.
Tesla hopes to produce as many as 20 million electric vehicles a year. This year, the entire automotive industry hopes to ship 80 million cars globally.
(roy/dob)
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