Elon Musk wants to bring a Tesla onto the market at a bargain price – which can also drive fully autonomously. “We are confident that we can build a very, very convincing electric car for $ 25,000 ,” said the star entrepreneur on Tuesday (local time) at Tesla’s “Battery Day” in Fremont, California. However, customers still have to be patient, because the prerequisite for prices to fall so sharply are drastic cost reductions in battery production . Musk believes he can achieve this, but only in about three years .

Since the tech billionaire mainly delivered dreams of the future, the high expectations of the event, at which observers had speculated on groundbreaking innovations in the manufacture of car batteries, were ultimately not met . Efficient and inexpensive batteries are a prerequisite for electromobility to establish itself in the mass market. Analysts have a lot of confidence in Tesla. The tension was correspondingly high .

INVESTORS STILL RATHER DISAPPOINTED

But even if the Tesla boss once again demonstrated and announced a lot – overall, battery costs are to be halved thanks to technical advances and the range of e-cars is to be massively increased – it was initially only a matter of medium to long-term promises. Musk had already dampened hopes for an immediate breakthrough the evening before by explaining on Twitter that the innovations in Tesla’s battery technology should only make themselves felt in larger production volumes from 2022.

Despite this warning, investors reacted disappointed and let the shares, which had already gone out of regular US trading with a minus of 5.6 percent, fall by a further 7 percent after the hours. However, with a price increase of over 400 percent in the current year, Tesla is also one of the largest high-flyers on the market, so the opportunity for profit-taking is favourable. With a market value of a good 395 billion dollars, the Musk Group is currently by far the most heavily traded automaker in the world.

HORN CONCERT ON THE OPEN-AIR STAGE

Even if the battery event was not entirely convincing, Tesla fans currently have a lot of reason to be happy. Because while the corona pandemic is making the auto industry difficult to create overall, Musk sees his company on the road to success. “We are doing very well in 2020, we will probably achieve growth of between 30 and 40 percent despite difficult circumstances,” said Musk at Tesla’s general meeting before “Battery Day”. He made it clear that Tesla is sticking to its ambitious annual target of delivering around 500,000 e-cars. That would be  36 percent more than in the previous year.

“While it went down for the rest of the industry, it went up for Tesla, ” said Musk triumphantly. The 49-year-old tech billionaire was celebrated by the fans with a horn concert, as the shareholders’ meeting in front of Tesla’s US car plant came together with an open-air stage in the style of a drive-in theatre due to the pandemic. The mood was excellent given the recent wave of success and Musk received a lot of recognition after confirming the annual targets and the most recent milestone achieved in the first four consecutive quarters with a profit. 

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