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interdasting city they are passing on the north side Romney, VA
Tesla's Elon Musk promises dramatic cuts in electric car costs, shares plunge
CEO Elon Musk outlined Tesla Inc's TSLA.O plans to cut electric vehicle battery design and manufacturing costs so radically that a $25,000 car that drives itself will be possible, but the automaker's shares tumbled as Musk forecast the change could take three years or more. All told, Tesla’s market capitalization plunged $50 billion from its Monday close, as investors wiped out $20 billion of that in just two hours after trading closed Tuesday.
394.98 -29.25 (-6.89%) AH
https://finance.yahoo.com/quote/TSLA
Musk acknowledged that Tesla does not have its ambitious new vehicle and battery designs and manufacturing processes fully complete. Tesla has frequently missed production targets.
Tesla expects to eventually be able to build as many as 20 million electric vehicles a year. This year, the entire auto industry expects to deliver 80 million cars globally.
Tesla shares, which closed Tuesday down 5.6%, fell another 7% in after-hours trade.
Building an affordable electric car “has always been our dream from the beginning of the company,” Musk told an online audience of more than 270,000. At the opening of the event, Musk walked on stage in a black t-shirt and jeans as about 240 shareholders each sitting in a Tesla Model 3 in the company parking lot honked their car horns in approval.
“We do not have an affordable car. That’s something we will have in the future. But we’ve got to get the cost of batteries down,” Musk said. To help drive down vehicle cost, Musk described a new generation of batteries that will be more powerful, longer lasting and half as expensive than the company’s current cells at Tesla’s “Battery Day” on Tuesday.
Tesla’s new larger cylindrical cells will provide five times more energy, six times more power and 16% greater driving range, Musk said, adding that full production is about three years away. Tesla will produce the new battery cells initially on a new assembly line near its vehicle plant in Fremont, California, with planned output reaching 10 gigawatt-hours a year by the end of 2021. Tesla and partner Panasonic Corp 6752.T now have production capacity of around 35 gWh at the Nevada battery "gigafactory."
Tesla aims to rapidly ramp up battery production over the next years, to 3 terawatt-hours a year, or 3,000 gigawatt-hours – roughly 85 times greater than the capacity of the Nevada plant. Musk said Tesla could supply batteries to other companies.
moar
https://www.reuters.com/article/tesla-batteryday/update-18-teslas-value-drops-50-billion-as-musks-promised-cheaper-battery-3-years-away-idUSL2N2GJ19H
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09-0016 USAF C-32A departed JBA nw and wide berth over eastern Ohio, West VA waiting for POTUS departure
92-9000 USAF VIP 747 departed Pittsburgh Int'l se
AF2 USAF VIP C-17 Globemaster begins descent for JBA after changing AC
09-0016 USAF C-32A departed JBA nw and wide berth over eastern Ohio, West VA waiting for POTUS departure