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Musk said that the new product of "Battery Day" will not be produced in large quantities until 2022. Tesla fell 8% after trading.
Sep 22,2020 10:11CST
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The content below was translated by Tencent automatically for reference.

SMM News: as Tesla's 2020 Battery Day is getting closer and closer, all kinds of speculation and prospects are everywhere, and people's expectations are also rising. But at this time, Tesla CEO Elon Musk (Elon Musk) announced on Monday (21) that the new products to be unveiled at Tesla's "Battery Day" will not be mass-produced until 2022.

"important news about Tesla's Battery Day will be announced tomorrow," Musk wrote on Twitter. This will affect long-term production, especially Semi,Cybertruck and Roadster production. But the products we announced will not be mass produced until 2022. "

"Tesla intends to increase battery purchases from Panasonic, LG and CATL (and possibly other partners), but even if battery suppliers develop at maximum speed, we can still foresee severe supply shortages in 2022 and beyond unless we take action ourselves." He added.

Affected by the news, Tesla's after-hours decline widened to 8 per cent and is still down more than 5 per cent. The company's shares are up more than 420% so far this year.

Tesla will hold the annual shareholders' meeting on Tuesday, September 22nd, US time, followed by the "Battery Day" press conference.

Analysts raised Tesla's target share price ahead of battery day this week: Vader Bush Securities (Wedbush) raised its target price to $475 from $380; Paijie (Piper Sandler) to $515 from $480; Deutsche Bank (Deutsche Bank) to $400 from $300; and Credit Suisse group (Credit Suisse) to $400 from $280.

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