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Tesla falls sharply at pre-opening over Musk's 'Battery Day' remarks

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The CEO of Tesla, Elon musk, has said that the improvements that will be announced at the event 'Battery Day' they will not reach "serious high-volume production" until 2022. A statement that has caused the shares of the electric vehicle manufacturer to fall sharply, about 4%.

Analysts had expected Musk to reveal plans for the event at the event. Tesla produce its own battery cell as it seeks to consolidate its leadership over General Motors or Volkswagen. But in a post on Twitter before Tuesday's event, Musk said: "This affects long-term production, especially Semi, Cybertruck and Roadster, but what we announced will not reach serious high-volume production until 2022".

These comments cast doubt on whether Tesla could produce its own batteries in the short term, a concern echoed by experts and industry officials. “Battery companies believe that it is not easy to mass produce batteries. It takes a long time … How can Tesla do it overnight?"a source from the South Korean battery industry told Reuters.

Tesla is working to produce new and larger battery cells at its Fremont facility. These will have a diameter of 42 mm, compared to the 21 mm manufactured in its fjoint battery factory with Panasonic used in Model 3 sedans, sources close to the company told Reuters.

In this way, Tesla might have to partner with Panasonic to mass-produce its own cells. Also, new batteries could increase energy capacity, reduce costs and enable faster charging, helping Tesla cars to better compete with gasoline, said Seoul-based battery expert Park Chul-wan.

Some battery industry officials fear that Tesla's decision to produce batteries in-house could put pressure on prices. "Tesla is sending signals to suppliers that they should cut costs even further, and if not, Tesla would source more batteries internally," said a former LG Chem official.

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