It’s Battery Day!
Electric vehicle maker Tesla (NASDAQ:TSLA) will host its annual shareholder meeting, followed by a “Battery Technology Day” presentation today, September 22.
Tesla Chief Executive Officer Elon Musk’s company is likely to disclose specifications for at least one new type of battery that the company has been developing, and may provide a start-date for manufacturing its own cells at scale.
However, Musk took to Twitter the day before the event to downplay the short-term importance of the announcements coming at Battery Day, stating: “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.”
Tesla shares dropped more than 6% after hours on Musk’s Tweets, after closing almost 2% higher on Monday at $449.39. The company’s stock is up more than 420% year-to-date.
Analysts gave shares of Tesla a price target boost this week ahead of Battery Day. Wedbush increased their price target from $380 to $475; Piper Jaffray from $480 to $515; Deutsche Bank from $300 to $400; and Credit Suisse from $280 to $400.