Recession USA 2020

Elon Musk sets expectations for Tesla’s Battery Day Event (NASDAQ:TSLA)

Elon Musk is out with some intriguing information right in front of Tesla’s (NASDAQ:TSLA) Battery Day event tomorrow.

“Important note about Tesla Battery Day unveil tomorrow. This affects long-term production, especially Semi, Cybertruck & Roadster, but what we announce will not reach serious high-volume production until 2022,” tweets Musk.

As for the battery supplier issue, Musk says Tesla intends to increase battery cell purchases from Panasonic (OTCPK:PCRFY), LG Chem (OTCPK:LGCLF), CATL and possibly other partners as well.

“However, even with our cell suppliers going at maximum speed, we still foresee significant shortages in 2022 & beyond unless we also take action ourselves,” he adds.

The implication is that strong EV demand is anticipated for the next few years.

Shares of Tesla are down 5.71% in AH trading to $423.46. Panasonic is up 0.75% in early Tokyo trading.

Read the Tesla Battery Day preview in Seeking Alpha’s latest article in the Stocks to Watch series.

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