Musk loses its charm: Tesla “Battery Day” is a flop
Elon Musk's “Battery day” yesterday was a resounding flop, if we consider the effect on Tesla's prices. Now the Pied Piper is unable to maintain the fever over time for the expectations he has created. The stock lost 6.84% after peaking at 442 just before the announcements:
In the end the announcement was trivial:
"In about three years from now, we are confident that we can build a good $ 25,000 electric vehicle that is also fully self-driving," Musk said at the event. “This has always been our dream from the beginning”.
If in itself the announcement seems remarkable, it is not: Renault has long said that in a few years an electric car will be available for 10 thousand euros. Musk himself had talked about a Model S for $ 35,000. Indeed, to be precise, it has even already promised a car for $ 25,000 in 2018, but for now nothing of the kind is seen. In the end, continuing to shout "Wolf to Wolf", moving it over time does not hold up.
In the end, the announcement was that, in three years, the new "Tableless" batteries, with less expensive materials, will allow an electric car as affordable as a petrol one: the price per kilowatt hour (kWh) is the most commonly used to measure the capacity of battery packs in modern electric vehicles. Those prices have dropped dramatically over the past decade, from $ 1,100 / kWh in 2010 to $ 156 / kWh in 2019, an 87% drop.
Experts predict the price will reach $ 100 / kWh by 2023, but Musk said Tesla will initiate a three-year process to bring the price below that level, though he didn't say exactly what the target price would be. That's all?
Doing the math the cost of the battery pack would go from $ 12,000 to $ 6,000, but it is not clear how this would happen. A week after the Nikola flop, which showed an electric TIR tractor in motion…. sliding it down a hill is honestly not enough to wake up the market …
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The Musk article loses its charm: Tesla «Battery Day» is a flop comes from ScenariEconomici.it .
This is a machine translation of a post published on Scenari Economici at the URL https://scenarieconomici.it/musk-perde-il-suo-fascino-tesla-battery-day-e-un-flop/ on Wed, 23 Sep 2020 07:00:11 +0000.