Tina Bellon, Noel Randewich, Akanksha Rana
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Tesla's value drops $50 billion as Musk's promised cheaper battery three years away

Tesla's value drops $50 billion as Musk's promised cheaper battery three years away

By , , Tesla’s market cap dropped $20 billion in just two hours after trading closed Tuesday, as Musk and other Tesla executives presented their new battery and manufacturing strategies. Shares closed down 5.6% and dropped another 6.9% after hours.“Nothing Musk discussed about batteries is a done deal,” said Roth Capital Partners analyst Craig Irwin. “There was nothing tangible.”Investors had expected two significant announcements at Musk’s oft-touted “Battery Day”: The development of a “million mile” battery good for 10 years or more, and a specific cost reduction target -- expressed in...

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September 22, 2020
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reuters.com

reuters.com

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